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Tribune Broadcast Revenue Down 20%

Tribune reported consolidated operating revenues in the second quarter of $730 million, down 10% from the same quarter a year ago.

Broadcasting revenues of $260 million were off 20% from the same quarter a year ago, which Tribune attributed largely to "copyright royalty revenues due to one-time royalties in 2012." Excluding that item, broadcast revenue slipped 9%.

Publishing revenues of $470 million were down 4% in the quarter.

"While our second quarter financial results reflect many of the same challenges faced by the other companies in our sector, we have made substantial progress strategically repositioning Tribune for long-term growth," said Peter Liguori, president and CEO. "We have stabilized our publishing business and remain focused on the advantages of scale which will be generated by our pending acquisition of Local TV Holdings. Importantly, we continue to work on developing compelling original programming content, improving the capabilities of our digital assets, and increasing the profitability and cash flows of our equity investments and real estate portfolio."

Tribune exited bankruptcy at the end of 2012.

It agreed to acquire the Local TV group for $2.7 billion, which is subject to regulatory approval and is expected to close by the end of 2013.