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Tribune reports 1st-qtr loss versus year-ago profit
May 10, 2017 / 11:29 AM / 4 months ago

Tribune reports 1st-qtr loss versus year-ago profit

May 10 (Reuters) - U.S. broadcaster Tribune Media Co , which agreed to be bought by Sinclair Broadcast Group Inc, reported a loss in the first quarter, compared to a profit a year earlier, hurt partly by lower ad revenue from its TV and entertainment business.

The company said net loss was $85.6 million, or 99 cents per share in the first quarter ended March 31, compared with a net income of $11.1 million, or 12 cents per share, a year earlier.

Tribune said it recorded an impairment charge of $122 million in the quarter.

Operating revenue fell to $439.9 million from $468.5 million.

Sinclair on Monday said it would buy Tribune for about $3.9 billion, giving Sinclair a greater foothold in big broadcast markets like New York and Chicago. (Reporting by Pushkala A and Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar)

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