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Tribune posts second-quarter loss, lower revenue
SAN FRANCISCO, Aug 13 (Reuters) - Tribune Co reported a quarterly loss and a 6 percent drop in revenue on Wednesday as newspaper advertising revenue fell, while Chief Executive and billionaire real estate magnate Sam Zell said he remains optimistic about the company's future.
The privately held publisher reported a loss of $3.8 billion from continuing operations, which included a writedown on the company's newspaper assets. The loss was due to a $3.8 billion writedown, most of which was for newspapers it acquired in 2000 when it bought Times Mirror, publisher of the Los Angeles Times.
In last year's second quarter, Tribune reported income from continuing operations of $35 million.
Revenue fell 6 percent to $1.1 billion. Publishing advertising revenue fell 15 percent, and classified ad revenue fell 26 percent. (Reporting by Robert MacMillan; editing by John Wallace)
