Tribune Reduces Profit Forecast for Quarter
Tribune Co., owner of TV stations and newspapers including the Los Angeles Times, forecast third-quarter earnings of 49 cents to 51 cents a share, below analysts’ estimates, because revenue from publishing and broadcasting will fall short of expectations.
The company was expected to earn 54 cents a share, according to the average estimate of 17 analysts surveyed by Thomson First Call.
The forecast doesn’t include charges of as much as $60 million for advertiser claims after it cut circulation figures at Newsday and Hoy a second time this year.
Shares of Chicago-based Tribune, which also publishes the Chicago Tribune and Baltimore Sun, fell 10 cents to $40.25 on the NYSE.
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