Tribune Co. | Chicago Tribune
The Tribune Co. reduced its staff by 360 positions in the first nine months of 2013, it says in its third-quarter financial results. The reductions came “primarily in publishing,” the company says. Tribune lost 240 positions in the third quarter alone, the report says.
Lower costs were one reason Tribune saw an operating profit despite declining revenues, Robert Channick reports:
Despite declining revenue, Tribune Co. had an operating profit of $69 million for the quarter, up 23 percent year over year. Reduced operating expenses — from lower staffing levels to decreased newsprint and ink costs — helped keep the company in the black.
Revenues were down in the company’s broadcast division as well as its publishing division. Tribune still plans to spin off its publishing assets into a separate company by “mid-2014,” the report says, but there “can be no guarantee that the spin-off transaction will be concluded at all or on the anticipated timeline.”
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