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CHICAGO, Apr 14, 2006 (UPI via COMTEX) -- The Chicago-based publisher Tribune Co. said it was keeping buybacks low to conserve cash for acquisitions to its growing Internet businesses.
"As we see advertising migrating to online, we want to be able to have a greater position in online," Tribune Chairman and CEO Dennis FitzSimons said.
While revenues at Tribune-owned newspapers slipped .09 percent, Internet sales grew 30 percent in the first quarter, to $51 million, anchored by help-wanted advertising revenues. By year-end the Tribune expects to see $360 million in Internet revenues, including proceeds from its share of partnerships such as CareerBuilder.com, reported Crain's Chicago Business.
In three years, FitzSimons wants Internet revenues to make up at least 12 percent of the Tribune's publishing ad revenues, double the 6 percent share expected this year.
Tribune holds a one-third stake in CareerBuilder, along with Gannett Co. and Knight-Ridder Inc. Knight-Ridder is under agreement to be sold to Sacramento, Calif.-based newspaper chain McClatchy Co., which gives Gannett and Tribune the right to buy out its stake.
CareerBuilder jobs Web site will not yet turn a profit this year, but "it will be closer," Mr. FitzSimons said.
URL: www.upi.com Copyright 2006 by United Press International **********************************************************************
As of Tuesday, 04-11-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 03-20-2006 for TRB @ $29.00.
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