Tribune says it cut 240 jobs in Q3 as revenues continued to decline, according to a filing on 11/11. Tribune CEO Peter Liguori said in a statement that the results “did not meet our expectations,” despite the company’s strategic moves.
Q3 revenues were down for the reorganized Tribune Company, but so were expenses, resulting in increases in operating profit and EBITDA. Consolidated revenue fell 5% to $695M; and broadcast revenue fell 6% to $248M. Tribune said that a $9M decrease in advertising revenue was largely from its radio/TV combo in Chicago and at television stations in Washington and New York.
On the broadcasting side, WGN has been put on notice that the Cubs are likely not renewing their contract. The declines came amid “significantly lower ratings for baseball impacting revenue at both WGN-TV and WGN-AM,” according to the filing. The publishing division saw revenues decline 4% for the quarter.