Broadcasting revenues were up 67 percent and publishing revenues were down 3 percent in the first quarter of 2014, the Tribune Co. announced in an earnings report Tuesday. Both figures are in comparison to the same period the year before. Tribune completed its purchase of Local TV Holdings, which owned 39 stations, late last year.
The decline in publishing revenues was “primarily attributable to declines in advertising revenue of $19.3 million and declines in revenues from commercial printing and delivery services of $4.1 million,” the report said. In a discussion of results, Tribune also said it had “identified reductions in its staffing levels of approximately 65” positions in the first quarter and recorded severance expenses “primarily at publishing” operations.
Tribune plans to spin off its publishing division this year. Tribune President and CEO Peter Liguori said the newspapers “continued to deliver very good results in a challenging environment.” Tribune Co. will retain the company’s real estate assets after the split, and Liguori recently floated the possibility of building another Tribune Tower.