Tough Print Market Leads Tribune to Lower Profits in FY12 (NWSA)
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News Corp (Nasdaq: NWSA) is seeing some afternoon weakness as peer Tribune Company reported continued weakness in the print media market.
The LA Times, a unit of Tribune, said net income for 2012 fell 5.7 percent to $422.5 million. Though a notable drop, the decline is much narrower than the 16 percent drop realized from 2010 to 2011.
Newspaper ad revs fell $200 million, or 14.5 percent, over the last two years after dropping 7 percent last year. Retail ads fell 6 percent to $614 million while national ads slipped 10 percent to $254 million.
Digital ads rose 5 percent to $10 million.
Broadcasting revs 3.6 percent to $1.14 billion while operating profit improved 10 percent to $366 million.
In February, Tribune hired bankers to explore the sale of The Times and several other units. The company still hasn't opened books to potential buyers.
The LA Times, a unit of Tribune, said net income for 2012 fell 5.7 percent to $422.5 million. Though a notable drop, the decline is much narrower than the 16 percent drop realized from 2010 to 2011.
Newspaper ad revs fell $200 million, or 14.5 percent, over the last two years after dropping 7 percent last year. Retail ads fell 6 percent to $614 million while national ads slipped 10 percent to $254 million.
Digital ads rose 5 percent to $10 million.
Broadcasting revs 3.6 percent to $1.14 billion while operating profit improved 10 percent to $366 million.
In February, Tribune hired bankers to explore the sale of The Times and several other units. The company still hasn't opened books to potential buyers.
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