August 29, 2013 |
Tribune Co., the parent of the Los Angeles Times, reported that earnings tumbled in the second quarter as revenue dropped sharply in its broadcast division and advertising continued to decline at its newspapers. The media giant reported net income of $66.3 million in the three months that ended June 30, a 61.2% plunge from $170.8 million in the year-earlier period. Revenue slid 10.5% to $730.2 million, while pretax income skidded 39.7% to $110.4 million. Tribune continued to reduce costs, with operating expenses dropping $50 million to $640.6 million.
December 27, 2013 |
Tribune Co. on Friday completed its acquisition of the independent Local TV Holdings group, transforming the Chicago company into one of the largest broadcasters in the nation with 39 television stations. The move, announced by Tribune Chief Executive Peter Liguori, is an important first step in the company's evolution from a company dependent on dwindling revenue from its newspapers and into a formidable broadcast group that reaches an estimated 50 million U.S. homes. Tribune is the parent company of the Los Angeles Times.
February 18, 2014 |
In spinning off its publishing business, Tribune Co. will pick up a dividend that could be about $325 million from the new public company, which would consist of the Los Angeles Times, the Chicago Tribune and six other daily newspapers. Although the exact amount won't be determined until the separation agreement is final, expected in midyear, Tribune has indicated that the dividend it would receive from Tribune Publishing Co. would be worth about $325 million. That figure is contained in a document related to Tribune's purchase in December of a group of television stations.
July 16, 2013 |
After announcing a plan to split its newspaper unit into a separate company, Tribune Co. is turning its attention to its real estate. The media company announced Tuesday the hiring of Murray McQueen to fill the newly created position of president of real estate. He will assess whether Tribune is making as much money as it can from its holdings, including its historic newspaper properties. “We have more than seven million square feet of space under management from coast to coast, including the historic Tribune Tower in Chicago and Times Mirror Square in Los Angeles,” Peter Liguori, Tribune's chief executive, wrote in a memo to employees.
December 23, 2013 |
Tribune Co. has reached an agreement with Sony Corp. of America to acquire Gracenote Inc., a music data company. Tribune, the parent of the Los Angeles Times, will pay $170 million for the company in a deal expected to close within the first quarter of 2014. In a statement Monday, Tribune said it will combine Gracenote with Tribune Media Services, which provides television and movie metadata. "As we strategically invest in growth areas, increase our scale, and extend our core businesses, Gracenote is an ideal addition to our portfolio," Peter Liguori, Tribune's chief executive, said in an email to Tribune's staff. "Bringing together Gracenote with Tribune Media Services will create one of the largest entertainment metadata companies in the world.” ON LOCATION: Where the cameras roll Gracenote, which is headquartered in Emeryville, Calif., was bought by Sony in 2008.
July 1, 2013 |
Tribune Co. has agreed to purchase 19 television stations owned by Local TV Holdings in a $2.73-billion deal that is expected to make Tribune the largest television station group in the country. Tribune and Local TV Holdings said early Monday that they had entered into a definitive agreement for Tribune to acquire all of Local TV's television stations in a cash transaction. Local TV's stations are located in 16 markets, including Denver, Salt Lake City, Cleveland and Kansas City.