The Chicago-based media company reported fourth quarter consolidated operating revenue of $773 million, down 11 percent from the previous year, according to financial results released Friday.
Revenue for the full year was $2.9 billion, a nearly 8 percent decline from 2012. The company cited lower advertising revenue and one less week in the fiscal year as contributing to the decline.
Tribune Co., which is planning to spin off its legacy newspapers, including the Chicago Tribune, saw broadcasting revenue decline more steeply that publishing for the quarter and the year.
"Broadcasting revenue trends during the first three quarters were disappointing," Peter Liguori, president and CEO of Tribune Co., said in a statement. "However, in the fourth quarter, non-political core advertising revenue stabilized year over year. Our root challenges are definable and addressable and we have taken action."
Broadcasting revenue fell by more than 11 percent to about $1 billion in 2013. Advertising revenue was down 7 percent to $810 million, with lower baseball revenues at WGN-TV, a cyclical drop in political advertising and lower ratings at WGN America contributing to the decline.
Broadcasting operating profit was down 47 percent to $196 million for the year.
Tribune Co.’s publishing business fared relatively better last year, with operating revenues declining by 6 percent to about $1.89 billion. Advertising revenue fell by 9 percent, while circulation revenue increased by 1 percent, boosted by higher sales of digital subscriptions.
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