Tribune quarterly profit and revenue fall
NEW YORK (Reuters) - Tribune Co TRB.N, which is going private in an $8.2 billion deal led by Chicago real estate tycoon Sam Zell, on Wednesday reported lower quarterly profit and revenue as newspaper advertising sales fell.
Net income attributable to common shareholders fell 5.8 percent to $152.8 million from $162.2 million a year ago. Net income per share rose 87.7 percent to $1.22 from 65 cents last year because of a lower number of shares outstanding in the most recent quarter.
Excluding a gain from a tax benefit and a charge related to job cuts, income was 38 cents a share, compared with the average analyst expectation of 26 cents a share, according to Reuters Estimates.
Revenue fell 4.1 percent to $1.28 billion. Publishing division ad revenue dropped 9 percent because of a slowdown in real estate, national and classified ad sales.
Tribune said it still plans to close its deal to go private in the fourth quarter.
Some investors have fretted over the debt-heavy deal falling apart because of the company's weakening revenue, while others are concerned that it could encounter opposition from the U.S. Federal Communications Commission (FCC).
(Reporting by Robert MacMillan)
