Tribune Company reported $248 million in broadcasting revenues for the third quarter of 2013, a -6% drop compared to the year-ago quarter.
The company attributed the decline to a $9 million decrease in advertising revenue, mostly at WGN in Chicago and WPIX in New York. The declines were partially offset by higher retransmission revenues, Tribune says.
“While we are pleased with the progress we have made on key strategic initiatives in the third quarter, our financial results in the period did not meet our expectations,” Tribune president and CEO Peter Liguori said in a statement. “We are taking targeted actions to position our broadcasting stations for profitable growth and look forward to consummating the pending acquisition of Local TV.”