Tribune Co. reported broadcasting revenues of $267 million for the fourth quarter of 2013, an 11% drop compared to the $303 million in broadcasting revenues for the year-ago quarter.
The company attributed the decline to a $14 million drop in political advertising revenues in the off-election year and a $10 million decrease in barter revenues due to a decline in the estimated value of barter programming. The losses were partially offset by a $7 million increase in retransmission revenue, according to Tribune.
“Broadcasting revenue trends during the first three quarters were disappointing. 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. In the Publishing business, our operational actions have stabilized profitability and we are confident that we are building a solid foundation for this business’s future. Overall we are excited by our prospects for Q1 and full year 2014,” Tribune president and CEO Peter Liguori said in a statement.