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Tribune Profits Down 35% in 3rd Quarter

October 21, 2000|Times Wire Services

Tribune Co. reported a 35% decline in earnings, in line with estimates, and said it reached an agreement to sell its unit that publishes Field & Stream and other special-interest magazines for $475 million to Time Inc., a unit of Time-Warner Inc. Chicago-based Tribune, which became the third-largest U.S. newspaper group after buying Times Mirror Co. in June, said its third-quarter profit declined to $73.6 million, or 22 cents a share, a penny higher than analyst forecasts. Sales climbed 89% to $1.36 billion, boosted by the inclusion of the Times Mirror properties, including the Los Angeles Times and Newsday on Long Island. The magazine unit, which Tribune acquired with the Times Mirror purchase, is the last of several businesses that the company said it would sell to focus on its print and television operations in major markets. It plans to use proceeds from the sale to pay down debt incurred in the Times Mirror acquisition. Tribune shares closed off 31 cents at $36.13 on the New York Stock Exchange. Time-Warner rose $2.45 to close at $69.91, also on the NYSE.

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