Tribune Company Revenue, Stock Value Down
Via Michelle Malkin comes word that shares in the Tribune Company (which owns the L.A. Times) have tumbled on news of falling revenue:
Shares in Tribune Co. tumbled Thursday after the media company reported a 6.1% drop in revenue last month on declines in both its newspaper and television businesses.
. . . .
Revenue from the publishing unit, consisting of its newspapers, dipped 4.2% to $413 million from $431 million in December 2004. The company said about $6 million of that $18 million drop was due to the timing of Christmas on Sunday and the aftermath of Hurricane Wilma in Florida.
Advertising revenue in the publishing division fell 4.5% to $333 million, down from $349 million. The decline included a 5.2% decrease in retail ad revenue and a 9.6% decline in national ad revenue, mainly at the Los Angeles Times. Classified ad revenue edged up 2.5%.
Circulation revenue was down 3.5%, the company said, citing volume declines at most of its newspapers and selectively higher discounting.
The continuing decline in circulation will apparently come as news to the paper’s business columnist. As I mentioned recently, a blogger said he left a comment on the business columnist’s L.A. Times-sponsored blog, pointing out the paper’s recent declines in circulation as an indication of reader dissatisfaction. According to the commenter, his comments were deleted, and the columnist wrote him an e-mail calling his comments a “lie” and “too stupid to countenance.”
Will the columnist call the reports of the Tribune Company’s decline in revenue and stock prices a lie as well? Only time will tell.
One thing’s for sure: anonymous Tribune Company commenter Biff can’t be too happy.