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Tribune meets estimates
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January 21, 2000: 8:14 a.m. ET
Earnings up 19% as broadcasting revenue, profits gain at WB affiliates
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NEW YORK (CNNfn) - Tribune Co. met improved fourth-quarter earnings expectations, as broadcasting profits gained almost a fifth due to success of the WB Network affiliates.
The Chicago-based newspaper and broadcasting company had income before special items of $115.6 million, or 43 cents a diluted share, up 19 percent from the $97.2 million, or 36 cents a share, a year earlier. That was in line with estimates of analysts surveyed by First Call.
With special items, which included gains on investments, net income came to $130.0 million, or 48 cents, compared with $113.2 million, or 42 cents, in the year-earlier period.
Revenue was up 8 percent to $828.4 million. Publishing revenue rose 6 percent, while broadcast and entertainment revenue was up 17 percent in the period. The company's affiliates in New York, Los Angeles, Chicago and Boston of the WB network, owned by CNNfn.com parent Time Warner, and its national cable revenue for station WGN spurred the gains.
For the year, income before special items was $415.4 million, or $1.54 a diluted share, up from $350.8 million, or $1.27 a share. Including special items, net income came to $1.5 billion, or $5.61 a share, compared with $414.3 million, or $1.50 a share.
Revenue for the year was $3.2 billion, up 8 percent from 1998.
Tribune (TRB) stock fell 1-9/16 Thursday to 49-9/16. 
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Tribune Co.
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