Tribune Co.’s financial picture deteriorated even more this year as declining advertising sales continued to hammer the newspaper industry, the Chicago media conglomerate’s bankruptcy filings show. The company is much less profitable than before its filing in December and is burning through cash, financial statements for the first five months of the year show. Tribune’s revenue declined about 23% in the first half of 2009, according to an estimate by Chicago-based Morningstar Inc. analyst Tom Corbett, who reviewed the company’s financials. [Click for MORE]
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