From the Wall Street Joiurnal (subscription required):
The stock of Tribune Co. fell to its lowest level in more than five years after the company reported fourth-quarter profit fell by 38%.
Chicago-based Tribune, which operates newspapers and television stations, said net income plunged to $134.4 million, or 43 cents per share, from $216.8 million, or 67 cents per share, a year earlier. Revenue fell 4.7%, to $1.41 billion from $1.48 billion.
Tribune’s market capitalization now stands at roughly $8.8 billion, slightly more than the $8.3 billion it paid to acquire Times Mirror Co. nearly six years ago.
That acquisition has brought Tribune a raft of problems, from a $1 billion tax liability to a circulation scandal at Newsday to performance problems at its biggest paper, the Los Angeles Times, which continues to lose readers and advertising.
What? All the new blogs haven’t produced readers and revenue? Joel Stein isn’t bringing in new readers?