Tribune Co., publisher of the Los Angeles Times, said profit fell 80 percent after the company set aside $150 million to pay for a tax claim related to the sale of two former Times-Mirror units. Tribune lost a court ruling that declared the sale taxable.
In a press release, Tribune said third quarter net income fell to $24 million, or 7 cents a share, from $121.7 million (37 cents) in the year-ago period. Revenues fell 0.8 percent to $1.4 billion, from $1.41 billion in the year-ago period.
