• by Wayne Friedman , November 10, 2008

Tribune Co.'s financial conditions seem to be getting worse before they get better. Third-quarter revenues were off 10% to $1 billion, with operating profit sinking 83% to $37 million from $217 million the year before.

The company said its television third-quarter operating revenues sank 8% to $264 million compared to third quarter 2007.

Tribune's TV profits moved into losses during the period--now with a net loss of $124 million from continuing operations versus an $84 million profit in the third quarter of 2007. Television operating cash flow was $64 million, down 34% from $98 million in 2007.

Lower television revenues were due to soft advertising demand and lower cable copyright royalties. All this was offset by station revenue share gains in most markets.

Conditions at its publishing unit--the major revenue driver at the company, which owns the Los Angeles Times and Chicago Tribune--were no better. Quarterly revenues were down 13% to $654 million.

Publishing operating cash flow was $13 million--a 91% decline from $148 million in 2007. The company said publishing ad revenues sank 19%, or $111 million, for the quarter.