Tribune Co. Reports Profit in Third Quarter

By: Walter Hamilton | Los Angeles Times

Tribune Co. reported a nearly $50-million profit in the third quarter as cost cuts offset further erosion in newspaper advertising. The media company reported net income of $49.8 million in the three months that ended Sept. 29, a reversal from a net loss of $30.6 million in the year-earlier period. Revenue slid 4.7% to $694.6 million, including a 4% drop in the publishing unit and a 6% decline in the broadcasting division.