Tribune Co., the second-largest U.S. newspaper publisher, posted a 3.4 percent decline in February revenue as advertising sales fell.
Revenue from advertising dropped 5.1 percent to $233 million last month, the Chicago-based company said today in a statement. Consolidated revenue declined to $385 million as circulation sales slipped 7 percent.
Classified advertising revenue dove 13 percent, propelled by a 17 percent plunge in help-wanted ad sales. Automotive and real estate classified revenue fell 14 percent each. Circulation revenue slipped because of fewer single-copy sales and some subscription discounting, said Tribune, owner of 11 newspapers including the Los Angeles Times and Chicago Tribune.
Shares of Tribune, also owner of the Chicago Cubs baseball team and 23 television stations, fell 24 cents to $28.81 in New York Stock Exchange composite trading yesterday. They have declined 6.4 percent this year.
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