Posted on 02/23/2007 3:16:02 PM PST by abb
Tribune's January Revenues Decline 5 Percent; Circulation Down
CHICAGO (AP) -- Tribune Co. said Friday that monthly revenues dropped 5 percent in January, keeping up the pressure on the media conglomerate as it continues to study what steps to take to reinvigorate its operations and slumping share price. The worsening advertising environment for newspapers took a bigger toll than usual. Ad revenues from the publishing unit declined 7.3 percent from a year earlier to $268 million, lagging the rest of the industry.
Amid an industrywide slump, J.P. Morgan analyst Frederick Searby called Tribune's latest advertising revenue revenues "the worst monthly publishing ad growth performance in recent years."
Circulation revenue from Tribune's 11 daily newspapers sank 5.2 percent to $52.9 million, reflecting the continuing loss of readers to the Internet.
Shares in the company closed up 6 cents to $30.70 in trading on the New York Stock Exchange, little-changed since Tribune initiated a review last September that could lead to its breakup.
That process was expected to continue this weekend as a board committee of seven Tribune directors convenes to examine options aimed at boosting the company's share price. After receiving only three outside offers, which Wall Street views as unappealing, the company has been reported to be looking at the possibilities of management spinning off the broadcast division or taking Tribune private.
Tribune spokesman Gary Weitman declined comment on the process and reiterated that the company expects to announce a decision by the end of March.
Total revenue for the five weeks that ended Feb. 4 decreased to $442 million from $465 million the previous January. Revenue from the publishing division was down 6 percent to $345 million from $367 million a year earlier.
The advertising decline included an 11.9 percent fall in classified ad revenue, to just under $94 million, due to weak real estate, help wanted and automotive ad sales. Interactive revenue, which is primarily included in classified ad sales, rose 17 percent but remained comparatively small at $20 million.
Retail ad revenue decreased 5.6 percent to nearly $104 million due to an "overall retail softness" following the holiday season. This included a 4 percent drop in preprinted ad revenue.
National ad revenue fell 3.2 percent led by a decline in auto ads, which were partially offset by gains in movie ads.
The company's broadcasting and entertainment group saw revenue decrease 1.4 percent to $97 million. The company said television revenues fell 1.5 percent, while radio and entertainment dipped 0.7 percent.
Tribune, which owns 23 TV stations, said the revenue outlook for February is better in publishing and broadcast.
http://www.tribune.com
Ping
Bias kills
Tribune's revenue is down yet they can shovel out $126 million for one baseball player.
Shouldn't the post be entitled "MSM Death Watch Alert" ??
Couldn't happen to a better bunch !!! Keep on sinking, idiots !!
Well, they did start taking Pesos for the LA Times.
I'll go as high as $10 for the whole shebang, but not a penny more!
Do I hear $10.01? Anyone? Is this mike on...testing...
Now THAT is one beautiful post! abb's got to love you posting that!
Wow, I love all the gifs and all the color. Very nice!
You made my poor dorky Vulture look very lonely up there!!
Your vulture is fine and perfect there!
It's good to mix up small and larger graphics like that
There's a connection between the NYK .gif and the new one at the bottom
I'll tell you about it later!
I'll wait with baited breath!
Hmm, maybe I got the 'quote' wrong, lol.
Lol, my goofy Vulture is really TWO Vultures.
We'll let the vultures and buzzards fight it out!
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