Heading Back South

CHICAGO (AP) -- Media company Tribune Co. said Thursday its second-quarter profit slumped on lower newspaper circulation and the sale of some of its television stations.

This year's earnings from continuing operations were 53 cents per share, including items that reduced profit by a total of 2 cents per share. Last year's earnings from continuing operations were 72 cents per share.

Circulation sales declined 5.3 percent to $142 million from $149.9 million during the same period last year. Broadcasting and entertainment revenue fell 2.4 percent to $403.6 million compared to $413.4 million during the year-ago period. Television revenue edged down approximately 1.3 percent to $320.3 million from $324.4 million last year. Publishing sales were essentially flat at $1.03 billion. Online revenue was a bright spot, climbing 27 percent to $57 million on strength across all classified categories, Tribune said.

// posted by Chuck @ 7/13/2006 08:40:00 AM