Tribune sees 6% revenue drop

On the surface, Tribune Co.'s second quarter earnings aren't pretty. The company saw a 6% drop in revenue, down to $1.1 billion, and a loss of $3.8 billion on continuing operations, mostly due to a writedown of the same amount for newspapers it bought in 2000, including the Los Angeles Times.

On the surface, Tribune Co.'s second quarter earnings aren't pretty. The company saw a 6% drop in revenue, down to $1.1 billion, and a loss of $3.8 billion on continuing operations, mostly due to a writedown of the same amount for newspapers it bought in 2000, including the Los Angeles Times. Publishing advertising revenue fell 15% and classified ad revenue dropped 26%. However, the company did pay down more than $800 million in debt due this December.

Meanwhile, Cox Enterprises announced it will sell all but three of its newspaper holdings, and a Maryland publisher told employees that Gannett will eliminate 1,000 newspaper jobs.


Also in the media glare:

Thomson Reuters reported a low Q2 profit, due to the May merger.

Bloomberg reported that New York Times Co. stock is close to hitting junk bond status.

Columnist and pundit Bob Novak said he doesn't expect to beat cancer.

Huffington Post Chicago launched.

CNN will assign APJs – all-purpose journalists – to 10 US cities.

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