Tribune revenue drops 10% in second quarter
Tribune Company has released its consolidated financial statements for the second quarter ended June 30, 2013. (The full set of information is posted on the Company’s website, along with management’s discussion and analysis of its financial condition and results of operations.)
Here are a few of the company's second quarter highlights compared to the second quarter of 2012:
- Consolidated operating revenues of $730 million declined 10%, or $86 million
- Broadcasting revenues of $260 million declined $66 million; excluding one-time copyright royalties, the drop was $25 million, or 9%
- Publishing revenues were off by 4%
- Operating expenses were trimmed by 7%
"While our second quarter financial results reflect many of the same challenges faced by the other companies in our sector, we have made substantial progress strategically repositioning Tribune for long‐term growth." said Peter Liguori, Tribune's president and CEO. "We have stabilized our publishing business and remain focused on the advantages of scale which will be generated by our pending acquisition of Local TV Holdings. Importantly, we continue to work on developing compelling original programming content, improving the capabilities of our digital assets, and increasing the profitability and cash flows of our equity investments and real estate portfolio."
- Tribune owns and operates WGN TV and Radio in Chicago, cable network WGN America, WXIN-FOX 59 and Indiana's 4 WTTV in Indianapolis and KPLR 11 in St. Louis. As part of its pending acquisition of Local TV LLC, the company is in the process of buying KTVI-FOX 2 in St. Louis, which currently shares operations with KPLR.