Tribune Co. released strong fourth quarter earnings Thursday, bolstered by cost-cutting measures, investments and asset sales amid reports of yet another investor who may be interested in acquiring the company.
Tribune reported fourth quarter net income of $239 million (99 cents per share) a 78 percent jump from $134 million (43 cents) for the same period a year earlier.
Revenues for the Chicago media company rose 5.4 percent to $1.47 billion, beating Wall Street estimates of $1.42 billion, according to a Bloomberg News survey.
The growth in profit and revenue was largely attributed by Tribune to gains from asset sales and an investment in Time Warner Inc. Also an additional week in the latest quarter accounted for some of the results.
Tribune, owner of the Los Angeles Times, is on the block, and it was reported this week that Chicago real estate magnate Sam Zell approached the media giant with a proposal to buy a stake in the company.
Tribune has received prior bids from the Chandler family; the largest single holder in the company; as well as billionaires Eli Broad and Ron Burkle; and private-equity firms.
Shares in Tribune Co. were down 5 cents Thursday to $30.90.
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