Tribune Co. revenue drops

According to Editor & Publisher, Tribune Company's revenue has dropped almost a quarter in its first five months under bankruptcy protection. Its profit margins have also been cut by over half compared to its margins of last year. The Tribune filed for bankruptcy reorganization in Dec. 2008.
Tribune Co.'s operating receipts have fallen 14 percent from the start of the year to May 31, the article says. The publisher and broadcaster still remains cash-flow positive, bringing in $112 more than it spent during the five-month period.
Since going private, the Tribune Co. has expanded local programming while launching new products and revamping older ones in order to make major expense cuts.
View the article here.

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Media General appoints former Trib CEO to board

The Board of Directors of Media General, publisher of 21 daily newspapers, appointed Dennis J. FitzSimons, former Chairman, CEO and President of the Tribune Company, to the board Thursday. FitzSimons will be a member of the Audit Committee.

FitzSimons, who stepped down as Chairman, CEO and President of Tribune Company in December 2007 after a tenure of 25 years, completed the sale of the company to an Employee Stock Ownership Plan and Sam Zell before he left.

FitzSimons currently serves as Chairman and Director of the Robert R. McCormick Foundation. He is a Trustee of Northwestern University, the Museum of Science and Industry, and the United Way of Metropolitan Chicago.

View more details here.

Trib Co. can pay bonuses, not severance

The Associated Press reports that a federal bankruptcy judge ruled that the Tribune Co. can pay more than $13 million in bonuses to almost 700 employees for their work last year.
But the judge denied allowing the Tribune to pay more than $2 million in severance payments to more than 60 employees laid off shortly before the Chicago-based company filed for bankruptcy protection.
From the story:

"We need to motivate and incentivize the key people who will implement change," Bigelow said. "These are really good people we're talking about. They're the best and the brightest of the company."

Tribune's revenue down

The Tribune Company is reporting a drop in revenues for November. Publishing revenues were down 3.5 percent. Advertising revenues also took a hit, with much of the newspaper division hit by a 26.2 percent drop in classified advertising revenues.
According to the release, "Real estate fell 39.8 percent with the most significant declines in Chicago, the Florida markets, and Los Angeles. Help wanted declined 28.4 percent and automotive decreased 7.6 percent."
On a positive note: publishing operating expenses decreased in large part because of lower newsprint, compensation and marketing cash expenses.
For the full breakdown and short-term plans/projections, click here.