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Tribune Revenues Down 9.3% in October
Publishing Revenues
Decline 7.9%
Television Revenues Down 7.1%
CHICAGO Nov.
27, 2007 -- Tribune
Company (NYSE: TRB) today reported its summary of revenues
and newspaper advertising volume for period 10, ended
Oct. 28, 2007. Consolidated revenues for the period were
$383 million, down 9.3 percent from last year’s
$422 million.
Publishing revenues in October were $287 million compared
with $311 million last year, down 7.9 percent. Advertising
revenues decreased 10.6 percent to $222 million, compared
with $249 million in October 2006.
- Retail advertising revenues decreased 7.8 percent
with the largest decreases in the department stores, amusements
and electronic categories, partially offset by an increase
in the health care category. Preprint revenues, which are
principally included in retail, were down 5.7 percent for
the period.
- National advertising revenues decreased 2.3 percent,
with the largest decreases in the auto, transportation
and technology categories, partially offset by an increase
in the movie category.
- Classified advertising revenues
decreased 19.2 percent. Real estate fell 26.9 percent with
the most significant declines in the Florida markets, Los
Angeles, and Chicago. Help wanted declined 21.7 percent
and automotive decreased 4.9 percent. Interactive revenues,
which are primarily included in classified, were $22 million,
up 11.4 percent, due to growth in most categories.
Circulation revenues were down 6.3 percent due to single-copy
declines and continued selective discounting in home delivery.
Broadcasting and entertainment group revenues in October
were $96 million, down 13.3 percent, due to decreases in
television group revenue and Chicago Cubs revenue. Television
revenues fell 7.1 percent, due to declines in political,
movies and retail, partially offset by strength in the food/packaged
goods, telecom and restaurant/fast food categories. Radio/entertainment
revenues declined primarily due to five fewer Cubs home games.
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Forward-Looking Statements
This press release contains certain
comments or forward-looking statements that are based largely
on the Company’s current expectations and are subject
to certain risks, trends and uncertainties. You can identify
these and other forward looking statements by the use of
such words as “will,” “expect,” “plans,” “believes,” “estimates,” “intend,” “continue,” or
the negative of such terms, or other comparable terminology.
Forward-looking statements also include the assumptions
underlying or relating to any of the foregoing statements.
Actual results could differ materially from the expectations
expressed in these statements. Factors that could cause
actual results to differ include risks related to the proposed
merger transactions being consummated; the risk that required
regulatory approvals or financing might not be obtained
in a timely manner, without conditions, or at all; the
impact of the substantial indebtedness incurred to finance
the consummation of the merger; the ability to satisfy
all closing conditions in the definitive agreements; difficulties
in retaining employees as a result of the merger agreement;
risks of unforeseen material adverse changes to our business
or operations; risks that the proposed transaction disrupts
current plans, operations, and business growth initiatives;
the risk associated with the outcome of any legal proceedings
that may be instituted against Tribune and others in connection
with the merger agreement; and other factors described
in Tribune’s publicly available reports filed with
the SEC, including the most current annual 10-K and quarterly
10-Q reports, which contain a discussion of various factors
that may affect Tribune’s business or financial results.
These factors, including also the ability to complete the
merger, could cause actual future performance to differ
materially from current expectations. Tribune is not responsible
for updating the information contained in this press release
beyond the published date, or for changes made to this
document by wire services or Internet service providers.
This press release is being furnished to the SEC through
a Form 8-K. Tribune's next quarterly 10-Q report to be
filed with the SEC may contain updates to the information
included in this release.
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TRIBUNE (NYSE:TRB) is one of the country’s
top media companies, operating businesses in publishing,
interactive and broadcasting. It reaches more than 80 percent
of U.S. households and is the only media organization with
newspapers, television stations and websites in the nation’s
top three markets. In publishing, Tribune’s leading
daily newspapers include the Los Angeles Times, Chicago Tribune,
Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida
Sun-Sentinel, Orlando Sentinel and Hartford Courant. The
company’s broadcasting group operates 23 television
stations, Superstation WGN on national cable, Chicago’s
WGN-AM and the Chicago Cubs baseball team. |
