Earnings: Tribune Q2 Revs Fall 5.7 Percent; Takes Huge Loss On Writedown; Interactive Down

This story was written by Joseph Weisenthal.
Privately held Tribune isn't bucking any industry trends The Sam Zell-owned has reported Q2 revenue of $1.1 billion, down 5.7 percent from $1.17 billion in the year ago quarter. The company took a $3.8 billion, after-tax, non-cash charge, associated with the 2000 acquisition of Times Mirrorthe charge is in keeping with writedowns across the industry, associated with acquisitions in the past few years. Op cash flow fell 2 percent to $221 million.

Publishing revenue was particularly hard hit, falling 11 percent to $701 million. All the usual ad categories were hit hard, as were interactive revenues, which fell 4 percent, or $2 million (meaning a total of $48 million). Weakness in online classifieds contributed to the decline. The broadcasting business managed to hold up, growing 4 percent to $409 millionthat's pretty solid compared to the horrendous results at some broadcasters this quarter.

Release | Tables (.pdf)

By Joseph Weisenthal