Posted on 03/21/2007 5:27:04 AM PDT by abb
Tribune's Revenue Drops in February on Weakness in Publishing Segment
CHICAGO (AP) -- Media conglomerate Tribune Co. said Wednesday its revenue declined in February on weakness in its publishing segment. The company, whose publishing properties include the Chicago Tribune, the Los Angeles Times and the Baltimore Sun, said consolidated revenue for the period ended March 2 fell 3.4 percent to $385 million from $398 million a year ago.
Publishing revenue slipped 5.1 percent to $294 million, hurt by a 5.1 percent drop in advertising revenue to $233 million. Circulation revenue slid 7 percent on single-copy declines and continued selective discounting in home delivery.
Retail ad revenue gained 1.4 percent, with strength in specialty merchandise, hardware/home improvement and health care, which was partially offset by weakness in department stores.
National advertising revenue dipped 2 percent with weakness in auto, technology and movies categories partially offset by strength in telecom/wireless. Real estate ad revenue slumped 14 percent.
The company's broadcasting and entertainment group saw its revenue climb 2.4 percent to $90 million.
"There was a land of Publishers and Editors called the Newspaper Business... Here in this pretty world Journalism took its last bow... Here was the last ever to be seen of Reporters and their Enablers, of Anonymous Sources and of Stringers... Look for it only in books, for it is no more than a dream remembered. A Civilization Gone With the Wind..."
With apologies to Margaret Mitchell...
Ping
Seems hard to believe it could be down again. I thought it was already pretty much at the bottom.
There's quite a bit more downside to go. And I'm going to enjoy every single minute of it.
Here's my in-depth, professional analysis:
YAAAAAAAAAAAAAAYYYYYYYYYYYYYY!!!!!!!!!!!!!!!!!!!
Media Newsletter Closes
...
"I'm getting tired of producing painful forecasts," Groves said Tuesday. "Recently, as down as they get to be, they never seem to be down enough.
You beat me to it!
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