Broadcaster and newspaper publisher Tribune Co. said Friday net income plunged 85% in 2000 due to a number of one-time items. Revenue surged 70% to nearly $5 billion and operating profit jumped 41% to $1 billion as the company bulked up with its acquisition of Times Mirror last summer.
Tribune, of Chicago, acquired the Los Angeles Times' parent for $8 billion in cash and stock. Pro forma revenue -- which assumes Tribune owned Times Mirror for all of 1999 and 2000 -- rose 5% and operating profit went up 12% from year to year.
Broadcasting, including TV, radio and Tribune Entertainment, saw revenue rise 13% for the year to $1.5 billion. Operating profit was up 19% to $449 million. During 2000, Tribune also acquired WB affiliates in Atlanta, Washington D.C. and New Orleans. For the fourth quarter, which Tribune described as "challenging," revenue excluding the new stations was flat (it was up 6% with the stations), and cash flow was down 1% .
At Tribune's newly enlarged publishing division, revenue soared to $3.4 billion from $1.6 billion and operating profit jumped to $701 million from $427 million. Pro forma revenue and operating profit rose only 3%.
For the fourth quarter, Tribune's revenue rose to $1.5 billion from $766 million and net profit fell to $40 million from $126 million.
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