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STILL A STRUGGLE: Tribune Co.’s second-quarter earnings, released Wednesday, reported publishing division figures that are essentially in line with the rest of the industry — and, like most publishers, the firm is seeing the value of its investments shrink. Advertising revenue dropped 15 percent, or $91 million, for the second quarter, with retail ad revenues down 8 percent as a result of declines from department stores, specialty merchandise, electronics and furniture/home furnishings. National advertising was down 12 percent, or $16 million, from softness in the movie and telecom categories. Operating revenues for the quarter were down 11 percent to $700.6 million, and the division fell deeply into the red, with operating losses of $3.77 billion versus a profit of $81.3 million the previous year. The loss resulted from a $3.84 billion write-down at the division, including $3 billion of goodwill at its newspaper unit and $836 million in the value of its “four newspaper mastheads,” according to the company’s earnings release.
Overall, the company recorded a second-quarter loss from continuing operations of $3.84 billion, versus a profit of $64.9 million in the second quarter of 2007.
— Amy Wicks