TRIBUNE 1Q TV REVENUE UP 5% TO $278 MILLION

Tribune Co. announced its financial results for the first quarter ended March 31 and reported that it television revenue increased 5 percent to $278 million in 2008. Television cash operating expenses were up 9 percent, or $17 million from last year. Television operating cash flow was $74 million, down 5 percent from $78 million in 2007. Television operating profit declined 6 percent to $63 million, down from $67 million.

The company said the increase in television revenues in the first quarter of 2008 was led by higher national advertising revenues and its television cash operating expenses were up $17 million primarily due to a $9 million severance charge and an increase of $6 million in broadcast rights expense.

For the company as a whole, it reported operating revenues decreased 8 percent, or $95 million, to $1.1 billion. Consolidated cash operating expenses were down 6 percent, or $56 million.

In the first quarter of 2008, cash operating expenses included a gain of $83 million related to the sale of the Company’s studio production lot located in Hollywood, California and a charge of $63 million, which included $39 million for severance and $24 million for special termination benefits.

To read the company’s press release, click here.