• by Wayne Friedman , May 12, 2008

Tribune Corp. is still mired in financial problems--but there was good news from its quarterly results regarding its TV operations. TV revenues rose 5% to $278 million in the first quarter, thanks to improved national spot advertising sales for its stations. However, TV operating profit sank 6% to $63 million, due to higher compensation and program expenses.

Overall, Tribune's newspaper business continued to be a drag on its business--as revenue skidded 8% to $1.11 billion. Net losses from continued operations went in the same direction, to $30.2 million from a $30.7 million gain the year before.

Newspaper revenues were down 11% to $823 million, and operating income was off 74% to $37 million.

Tribune's combined broadcasting/entertainment revenue improved 3% to $291.7 million, and its operating profit more than doubled to $135.2 million.

But much of this was attributed to a one-time gain of $83 million from the sale of a Hollywood facilities lot. This helped keep the company's operating profit from caving more than it did. The company's profit sank 21% to $143 million for the period.