Tribune Publishing reports earnings

Tribune Publishing Company announced financial results March 4 for the fourth quarter and full year ended December 29, 2019. The reported excluded operations Tribune no longer owns, including the Los Angeles Times, San Diego Union-Tribune and other assets of the California News Group and forsalebyowner.com.

Fourth quarter 2019 total revenues were $252.3 million, down $31.2 million or 11.0% compared to $283.5 million for fourth quarter 2018. The decrease primarily reflects M segment (composed of the company’s media groups excluding their digital revenues and related expenses, except digital subscription revenues when bundled with a print subscription) revenue declines of $30.1 million and a $4.9 million revenue decrease associated with the company's transition service agreement with the California properties, partially offset by $2.9 million in increased digital-only subscription revenue. Total revenues for the full year 2019 were $983.1 million, down 4.6% from 2018.

Fourth quarter 2019 total advertising revenue and digital advertising revenue were $105.8 million and $25.8 million, respectively. Excluding the impact associated with the 2018 agreement with Cars.com to convert Tribune Publishing's eight affiliate markets into Cars.com's direct retail channel, total digital advertising revenue would have increased 4.0% year-over-year.

Adjusted EBITDA was $30.8 million in the fourth quarter of 2019, versus $46.5 million in the fourth quarter of 2018. Full year adjusted EBITDA of $101.4 million increased $7.5 million or 8.0% over 2018.

Digital-only subscribers increased 33.6% to 334,000 at the end of the fourth quarter 2019, up from 250,000 at the end of the fourth quarter 2018.

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