Tribune Publishing’s profit falls 75%
Tribune Publishing operates the Los Angeles Times and other newspapers.
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Tribune Publishing’s earnings fell about 75% in the first quarter as advertising revenues at the owner of the Los Angeles Times continued to decline, the company said Wednesday.
The company posted net income of $3 million, or 10 cents per share, down from $12 million during the same quarter last year.
Revenues dropped nearly 5% to $396 million. Gains in circulation revenue did not offset continue declines in advertising revenue, which was down nearly 6% to $220 million.
“The first quarter of 2015 represents our second full quarter as a publicly traded company,” Tribune Publishing’s CEO Jack Griffin said in a statement. “Our results were in line with expectations and reflect the early initiatives of our five-point transformation.”
Chicago-based Tribune Publishing, which includes the Chicago Tribune, Los Angeles Times and eight other daily newspapers, spun off from Tribune Media in August.
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