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Charges Hit Tribune's Profit

The company says fourth-quarter revenue falls 5%.
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Chicago Cubs owner

Tribune

(TRB)

said earnings in the latest fourth quarter were dragged down by a variety of charges, while overall operating revenue dropped 5% from a year ago.

The company, which also runs the

Los Angeles Times

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and

Chicago Tribune

newspapers, earned $134.4 million, or 43 cents a share, in the most recent quarter. Tribune had a profit of $216.8 million, or 67 cents a share, a year ago.

Revenue slipped to $1.41 billion from $1.48 billion.

Tribune's fourth quarter includes a severance charge of 9 cents a share, a charge of 4 cents for a plant closing, a 5-cent charge for an accounting change and a pension-curtailment gain of 3 cents. The company didn't provide an earnings figure excluding the items.

The publishing division had fourth-quarter operating revenue of $1.07 billion, down 2% from a year ago. Tribune's broadcasting and entertainment segment had revenue of $343 million in the quarter, a decline of 11%.

Shares of Chicago-based Tribune were losing 37 cents, or 1.3%, to $28.64 Wednesday.