Tribune Broadcast Rev: 4Q -11%, 2013 -12%

Tribune Co. today reported its results for the fourth quarter and year ended Dec. 29, 2013, that included broadcasting revenues of $267 million, a decline of $36 million compared to $303 million in the fourth quarter of 2012.

The company said the decline was primarily due to the impact of the additional week in 2012 of $14 million, lower political advertising revenues, as 2013 was an off-cycle election year, and a $10 million decrease in barter revenues, partially offset by a $7 million increase in retransmission consent revenues.

The decline in barter revenues was primarily related to a change in the estimated value of barter programming. The decline in barter revenue had an offsetting decrease in barter programming expense, and thus had no impact on adjusted EBITDA.

For the full year, broadcasting revenues were $1,014 million, a decline of $127 million compared to $1,142 million reported in 2012.

The decline was primarily due to a $52 million decline in advertising revenue net of agency commissions, a $48 million decrease in barter revenues, a $36 million decline in copyright royalties due to one-time royalties received in 2012 and the impact of the additional week in 2012 of $14 million.

These declines were partially offset by a $25 million increase in retransmission consent revenues due to higher rates included in several retransmission consent agreement renewals.

More than half of the decline in advertising revenue was attributable to lower political revenue, as 2013 was an off-cycle election year. The remainder of the decline in advertising revenue was primarily related to declines at WPIX-TV, New York resulting from lower ratings, lower Cubs baseball revenue at WGN-TV, Chicago and lower ratings and a weaker national scatter market at WGN America.

“Broadcasting revenue trends during the first three quarters were disappointing,” said Peter Liguori, Tribune president-CEO. “However, in the fourth quarter, non-political core advertising revenue stabilized year over year. Our root challenges are definable and addressable and we have taken action.”

Read the company’s report here.