CHICAGO - Tribune Co., parent of the Chicago Tribune, Los Angeles Times and Chicago Cubs, said Wednesday its second-quarter earnings sank 59 percent on a deepening slump in advertising revenue and some hefty charges and non-operating losses.
The results fell slightly short of estimates on Wall Street, but Tribune's lagging stock rebounded after CEO Dennis FitzSimons reiterated confidence in the company's pending $8.2 billion buyout.
"Our going-private transaction is on track and the financing for it is fully committed," FitzSimons said in a statement. "We anticipate closing the transaction in the fourth quarter, following FCC approval, and expect to be in full compliance …
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