Tribune Co. profitability continues to deteriorate

Tribune Co.'s financial picture deteriorated even more this year as declining advertising sales continued to hammer the newspaper industry. The company is much less profitable than before its bankruptcy filing in December and is burning through cash. Tribune's revenue declined an estimated 23% in the first half of 2009. The company had an 8% profit margin for the first few months of the year, which is less than half the 19% margin it boasted in the first half of 2008.