Tribune Co. says revenue fell in the third quarter but it turned a profit as it spent less on salaries and newsprint. The owner of the Los Angeles Times, Chicago Tribune and 23 TV stations also dealt with big costs a year ago related to its exit from bankruptcy. The company cut 240 jobs, mostly in publishing, in the quarter. CEO Peter Liguori says the company was pleased to have made progress on key strategic initiatives in the quarter, but the financial results "did not meet our expectations." Net income came to $49.8 million, or 50 cents per share, in the three months through Sept. 29, reversing a loss of $30.6 million a year ago.
Support Your Public Radio Station