By: Tribune Co. said Wednesday that revenue dipped 3.3 percent in November as classified ad sales continued to weigh on the nation's second-largest newspaper publisher because of significant real estate declines.
The company, which is being bought out in a deal led by real estate mogul Sam Zell, said consolidated revenue declined to $413 million from $428 million a year ago.
Publishing sales fell 3.5 percent to $309 million from $321 million, as ad revenue slipped 4.9 percent to $244 million from $257 million. While it posted a decline, Tribune said this year's results benefited from a shift in the Thanksgiving holiday to an earlier period.
National advertising revenue edged up 1.9 percent, with positive results from movies, auto, financial and telecom/wireless categories partially offset by a transportation decline.
Classified ad sales slid 26.2 percent, with real estate plunging 39.8 percent on sharp dropoffs in Chicago, Florida and Los Angeles. Help wanted ads sagged 28.4 percent, while automotive fell 7.6 percent.
Interactive revenue, which is included in classified, climbed 7.8 percent to $21 million on growth across most categories, Tribune said.
Retail advertising sales gained 7.3 percent on growth in specialty merchandise, department stores, apparel/fashion and electronics categories.
Broadcasting and entertainment sales dipped 2.6 percent as television revenue slipped 4.8 percent on fewer political ads, partially offset by positive results from categories such as retail, telecom and corporate.
Circulation revenue fell 4.6 percent on single-copy declines and home-delivery discounts.
Tribune's properties include the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and 23 television stations.
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