Tribune Co. reports quarterly debt, ad revenue losses

Editor & Publisher is reporting that Tribune Company has released discouraging quarterly statements.
In particular, the company was hit hard in advertising, which fell by $111 million in the third quarter.

At the end of Q3, Tribune's debt was $11.8 billion; at the end of the same period last year, it was $9.4 billion. The company cited the increase due to “financing the going-private transaction” completed at the end of 2007.

In a statement, Tribune Co. chairman and CEO Sam Zell said that the company is being hit hard by the downturn in the economy and the effects of the financial crisis, adding that the company is still pushing forward with its operating strategy.

Click here to read more.