• by Erik Sass  @eriksass1, November 11, 2013

Tribune Co.'s total revenues fell in the third quarter of the year, due to declines in both newspaper publishing and broadcasting advertising, the company announced Monday.

Tribune's total revenues fell 5% from $729 million in the third quarter of 2012 to $695 million in the third quarter of 2013, as broadcasting revenues fell 6% from $264 million to $248 million, and publishing revenues fell 4% from $464 million to $446 million over the same period.

The company attributed the decline in broadcasting to losses in advertising as well as a reduction in the estimated value of its barter programming, partially offset by higher retransmission consent revenues. The drop in was due almost entirely to losses in advertising revenue.

Tribune, which emerged from a tortuous, four-year bankruptcy process earlier this year, is in the process of divesting its newspaper publishing operations and focusing solely on broadcasting. In July it announced a deal to acquire 19 stations from Local TV Holdings for $2.73 billion.

Meanwhile in February Tribune retained Evercore Partners and JPMorgan Chase to oversee an auction of its newspapers, which is still ongoing. Potential buyers for the Chicago Tribune are rumored to include Rupert Murdoch’s News Corp. and Warren Buffett’s Berkshire Hathaway; at one point the list also included the Koch brothers, well-known supporters of conservative causes, but they later withdrew their bid.

In September Tribune ordered the newspapers in its publishing division to slash their budgets by $100 million, in a move probably intended to make the publications more attractive to potential buyers. Although it is still unclear where cuts will fall, they will likely involve yet another round of layoffs for Tribune employees. In July, Tribune said it would be cutting staff at the struggling Los Angeles Times, affecting at least 20 employees, including editorial staff.