Tribune profits down as McClatchy holds steady

The Tribune company, publishers of the Los Angeles Times and the Chicago Tribune, posted poor second quarter results yesterday, the day after another large US publisher, Gannett, also recorded a profits fall (see Gannett blames profits fall on Newsquest). Tribune's net income fell by 62% due to a cutback in newspaper ads, slipping circulations and a loss on the sale of two TV stations. The results could put more pressure on the company, which is in the process of a share buyback to fend off shareholder unrest, to restructure. There was better news from McClatchy, now the second-largest US newspaper publisher, which reported earnings similar to the previous year. Its results didn't include returns from its recent purchase of the Knight Ridder titles. (Via Reuters: Business News)