Tribune 4Q Profit Soars

TRIBUNE 4Q PROFIT SOARS
[SOURCE: Associated Press, AUTHOR: ]
Tribune Co., which has been fielding offers for its newspaper and broadcasting operations, said Thursday its fourth-quarter profit surged 81 percent, benefiting from multiple gains and higher revenue. Net income after paying preferred dividends jumped to $239.1 million, or 99 cents per share, from $132.3 million, or 43 cents per share, during the same period a year ago. The company's newspaper or publishing division saw operating revenues rise 4 percent to $1.1 billion and operating profit increase 30 percent to $225 million. While classified ad revenue was flat for the quarter, advertising revenues as a whole rose 4 percent. Broadcasting and entertainment's operating revenue gained 11 percent to $356 million. "Key factors were improved results in broadcasting, strong interactive revenue growth, and excellent expense control throughout the company," Chairman, President and Chief Executive Dennis FitzSimons said in a statement.
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