|
|
Enron Mail |
Good Morning Team,
Tribune Co. reported a net loss of $139 million for 3Q01, citing an advertising falloff, an expensive restructuring, and costs of news coverage in the wake of the September attacks. The Chicago-based company, which owns 11 newspapers, 22 television stations, and more than 50 Web sites, had cut 6% to 7% of its work force because of the advertising slump. The attacks increased spending in the form of extra newspaper editions, extended coverage by its TV and radio stations, and increased capacity by its Web sites. Revenue from publishing -- largely newspapers -- declined 8% and retail advertising was down 7%. For the first 9 months, the company had a net loss of $15.7 million, compared with year-earlier earnings of $168 million. The trend continues as major media companies report their 3Q01 results... Stay tuned for the market wrap this afternoon. Ayesha --
|