Tribune Media Co.’s earnings fell sharply in the third quarter, a decline blamed on the newspaper operations spun off in August.
Tribune Media, now a broadcast and digital company, earned $38 million, or 38 cents a share, on revenue of $474.8 million in the three months ended Sept. 28. The company reported net income of $49.8 million, or 50 cents a share, on revenue of $280.6 million a year earlier. The large increase in revenue was mainly due to Tribune’s acquisition of Local TV in December 2013.
Tribune Media booked a loss of $14.9 million from discontinued operations, chiefly the newspaper operations, in the recent quarter, compared with earnings of $10.5 million a year earlier.
“We are pleased to see many of the long-term initiatives we have put in place since early 2013 begin to take shape,” President and Chief Executive Peter Liguori said in a news release. “I am confident that the combination of our media assets and strong operational focus will keep us on the path for continued success.”
The company’s television and entertainment division brought in $417 million in the third quarter, up from $390 million a year earlier after adjusting for the Local TV deal.
Tribune Media’s digital division had revenue of $44.6 million in the recent quarter, up from $18.9 million a year earlier. Most of the increase came from the purchase of Gracenote in January.
The company’s newspapers, including the Chicago Tribune, were spun off in August as Tribune Publishing, a separate, publicly traded company.