Full Year Guidance Lowered by the Tribune Publishing Co.
Mostly due to the results in Southern California, Tribune Publishing Co, the media company, brought down its whole year 2015 guidance.
According to the American newspaper and print media company, its cost-cutting measures have partly offset the projected drop in the revenue but added that these efforts have been deferred.
Tribune is also the owner of the Los Angeles Times, the Chicago Tribune and the San Diego Union-Tribune. In early September, the company fired Austin Beutner, the publisher of Los Angeles Times. He was hired by the company just one year back.
For the fiscal year, the company expects revenue of $1.645 billion to $1.675 billion. It raised its revenue outlook in August to $1.67 billion to $1.7 billion.
Tribune estimated its adjusted earnings before interest, taxes, depreciation and amortization to a range between $145 million and $160 million. That's lower than its earlier outlook of $165 million to $175 million.
In the afterhours trading session, the shares of Tribune dropped 3.8% to $10.19.
In 2014, Tribune's publishing business was spun off from its broadcast business. Tribune Publishing aimed at a five-point plan in order to convert its print labels into enterprises that are digitally focused so as to get a diversified revenue base.
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