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TRIBUNE REPORTS THIRD QUARTER EARNINGS

 TRIBUNE REPORTS THIRD QUARTER EARNINGS
 CHICAGO, Oct. 20 -- Tribune (NYSE: TRB) net income for the third


quarter was down two percent to $33.8 million from $34.5 million a year ago. Improve operating results in the company's newspaper and broadcasting groups were not enough to offset the continued losses in newsprint operations. Third quarter primary net income per share was down 2 percent to $.46 versus $.47 in 1991.
 For the first three quarters, net income was down 14 percent to $94.0 million from $109.3 million last year. Primary net income per share declined 16 percent to $1.26 from $1.50.
 Consolidated revenues increased in the quarter by 5 percent over 1991 to $527 million and by 3 percent to $1.56 billion for the first three quarters, led by the media businesses, which were up 6 percent and 5 percent respectively. Operating profit was down 5 percent to $66.6 million in the quarter and 13 percent to $191.4 million in the first three quarters.
 Newspaper Publishing
 Third quarter operating profit for the newspaper publishing group rose 7 percent to $49.9 million from $46.8 million in 1991, reflecting increased revenues as well as decreased newsprint expense resulting from lower prices.
 Revenues for the group rose 2 percent to $281 million from $275 million last year. Combined advertising revenues were up 2 percent, with retail down modestly, general up 7 percent and classified up 5 percent. The third quarter advertising revenue gain was slightly greater than the gains reported in each of the first two quarter of 1992.
 Broadcasting and Entertainment
 Third quarter operating profit for the broadcasting and entertainment group was up 9 percent to $34.8 million from $31.8 million in 1991. Improved television operating profits, resulting from higher revenues reported at each of the television stations, were partially offset by the combination of lower results from entertainment, reflecting higher expenses, and lower radio profits.
 Revenues for the group increased 13 percent in the third quarter primarily due to a 14 percent increase in television. Entertainment revenues gained 16 percent in the quarter primarily due to new syndicated programming, while radio revenues were up 2 percent. Excluding the results of recently-acquired WPHL-TV in Philadelphia, television revenues increased 8 percent.
 Newsprint Operations
 The newsprint group reported an operating loss of $11.8 million in the 1992 third quarter, compared to an operating loss of $3.0 million last year. This resulted from a 16 percent decline in average selling prices from last year, primarily due to continued industry-wide overcapacity and weak demand. Revenues for the group declined 14 percent to $90 million for the quarter. Newsprint shipments were up 4 percent.
 Other Expenses
 Net interest expense for the third quarter declined 26 percent to $8.8 million due to lower average debt levels and interest rates. The effective income tax rate was 42 percent in the third quarter of this year, compared to 41 percent for the same period in 1991.
 Tribune is a leading information and entertainment company. It publishes seven daily newspapers, owns and operates seven television and four radio stations, produces and syndicates information and entertainment and manufactures newsprint.
 TRIBUNE COMPANY
 THIRD QUARTER RESULTS OF OPERATIONS
 (In thousands, except per share data, unaudited))
 THIRD QUARTER (A)
 Percent
 1992 1991 Change
 Operating Revenues
 Newspaper publishing (B) $281,288 $274,666 2
 Broadcasting and entertainment 183,293 161,630 13
 Newsprint operations (Canada) 89,950 104,366 (14)
 Intercompany (primarily newsprint) (27,135) (37,445) (28)
 Total operating revenues $527,396 $503,217 5
 Operating Profit (loss)
 Newspaper publishing $ 49,935 $ 46,809 7
 Broadcasting and entertainment 34,769 31,803 9
 Newsprint operations (Canada) (11,842) (2,979) NM
 Corporate expenses (6,232) (5,323) 17
 Total operating profit 66,630 70,310 (5)
 Net interest expense (8,761) (11,816) (26)
 Income before income taxes 57,869 58,494 (1)
 Income taxes (24,066) (23,982) -
 Net income 33,803 34,512 (2)
 Preferred dividends, net of tax (4,140) (4,225) (2)
 Net income attributable to
 common shares $ 29,663 $ 30,287 (2)
 Net income per share
 Primary $ .46 $ .47 (2)
 Fully Diluted $ .43 $ .44 (2)
 Dividends per common share $ .24 $ .24 -
 Average common shares outstanding 65,064 64,445 1
 (A) 1992 quarter: June 29, 1992 to Sept. 27, 1992.
 1991 quarter: July 1, 1991 to Sept. 29, 1991.
 (B) 1991 revenues have been restated to conform to the 1992 presentation. This restatement had no effect on 1991 operating profit.
 TRIBUNE COMPANY
 Three Quarters Results of Operations
 (In thousands, except per share data, unaudited)
 THREE QUARTERS (A)
 Percent
 1992 1991 Change
 Operating Revenues
 Newspaper Publishing (B) $ 866,165 $ 845,603 2
 Broadcasting and entertainment 507,012 464,035 9
 Newsprint operations (Canada) 271,348 321,523 (16)
 Intercompany (primarily newsprint) (88,983) (115,977) (23)
 Total operating revenues $1,555,542 $1,515,184 3
 Operating Profit (loss)
 Newspaper publishing $ 166,673 $ 152,939 9
 Broadcasting and entertainment 84,055 80,628 4
 Newsprint operations (Canada) (42,000) 3,759 NM
 Corporate expenses (17,301) (16,036) 8
 Total operating profit 191,427 221,290 (13)
 Net interest expense (27,917) (35,985) (22)
 Income before income taxes 163,510 185,305 (12)
 Income taxes (69,492) (75,975) (9)
 Net income 94,018 109,330 (14)
 Preferred dividends, net of tax (12,421) (12,675) (2)
 Net income attributable to
 common shares $ 81,597 $ 96,655 (16)
 Net income per share
 Primary $ 1.26 $ 1.50 (16)
 Fully Diluted $ 1.18 $ 1.41 (16)
 Dividends per common share $ .72 $ .72 -
 Average common shares outstanding 64,941 64,319 1
 (A) 1992 three quarters: Dec. 30, 1991 to Sept. 27, 1992.
 1991 three quarters: Dec. 31, 1990 to Sept. 29, 1991.
 (B) 1991 revenues have been restated to conform to the 1992 presentation. This restatement had no effect on 1991 operating profit.
 INVESTOR CONTACT:
 /CONTACT: Ruthellyn Musil, media relations, 312-222-3787, or home, 708-559-0852, or Joseph A. Hays, investor relations, 312-222-3237, or home, 312-943-8244, both of Tribune/
 (TRB) O: Tribune Company ST: Illinois IN: PUB SU: ERN


AH -- NY050 -- 2414 10/20/92 14:41 EDT
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