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CHICAGO (AFX) - Media conglomerate Tribune Co. said Thursday November revenue edged higher despite a continued slowdown in publishing revenue as the company's broadcasting and entertainment group delivered an outsized gain.
Tribune, whose publishing properties include the Chicago Tribune, the Los Angeles Times and the Baltimore Sun, said consolidated revenue in the four weeks ended Nov. 19 rose 0.8 percent to $433 million from $429 million last November.
The company has been under fire from investors disappointed with its slumping share price and is reviewing a possible sale of some or all of its assets.
Publishing revenue fell 1 percent to $326.3 million, hurt by a 0.3 percent decline in advertising revenues to $262.7 million. Circulation revenue fell 6 percent to $43 million as the company offered deep discounts to retain readership.
Retail ad revenue added 1.6 percent, with hardware and home improvement ads driving the gain. The recent slowdown in the housing market has led homeowners to redirect money into refurbishing existing houses instead of buying new.
National advertising revenue fell 1.7 percent, hurt by a drop in help wanted and automotive classified, which were off 6 percent and 5 percent respectively. Real estate ad revenue rose 6 percent.
Tribune, which also owns 25 television stations and the Chicago Cubs baseball team, said its broadcasting and entertainment group delivered a 6.9 percent revenue increase to $106.9 million.
Tribune shares rose 7 cents to $32.27 in recent trading on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
