Tribune Revises Circulation Data
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Newspaper publisher Tribune Co. , embroiled in a scandal over inflated circulation figures, on Friday further cut circulation numbers at two New York newspapers and said it will take a charge of as much as &#36;60 million.
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(Corrects client asset figure in 8th paragraph of Jan. 4 story)     By Tim McLaughlin
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CHICAGO -- Tribune Co. said Friday its revenue fell 5.9 percent last month on a continuing tailspin in classified advertising sales that resulted in an even steeper decline in its newspaper division.
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Federal prosecutors in New York have  issued a subpoena to the New York Times, the city's biggest  daily newspaper, in an investigation of how newspapers measure  circulation figures for advertisers.
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Tribune Co.  reported a higher quarterly profit on Thursday because of one-time gains, while an extra week in the quarter boosted advertising revenue at the company's newspaper operations.
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A wide-reaching federal investigation into newspaper circulation practices has knocked on the door of a fourth New York daily - The New York Times.
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Circulation declined at most major newspapers across the country in the last half year, the latest blow for an industry already rocked by a scandal involving circulation misstatements that has undermined the confidence of investors and advertisers.
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When Times and Tribune reported results this week, the two headed in different directions.
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BEAVERTON, Ore., Feb. 19  /PRNewswire/ -- Editors are advised this is a corrected version of the release issued earlier today.  Some of the pricing in the original release was inaccurate.
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The Wall Street Journal said on  Wednesday it is reorganizing its editing ranks to deal with  what it called &quot;profound changes sweeping the news business.&quot;
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Corrects percentage change in first paragraph and headline to year-over-year figure, from sequential figure
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The New York Times Co. said on Wednesday that the U.S. Securities and Exchange Commission is examining circulation reporting throughout the newspaper industry following a string of circulation scandals at other major publishers.
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The Securities and Exchange Commission has started an investigation into newspaper circulation reporting after several publications acknowledged exaggerating their sales.
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Tribune Co.  plans to cut  several foreign correspondent positions at two of its daily  newspapers and reorganize its overseas coverage as it tries to  cut costs and stave off a revolt by one of its largest  shareholders.
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Tribune Co.'s Newsday newspaper, which  got a new publisher in July after a circulation scandal, on  Tuesday replaced its top editor, Howard Schneider, who was in  the job for about a year.
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Tribune Co.'s TRB.N Hoy newspaper,  one of several U.S. papers caught up in a circulation scandal,  overstated circulation at its New York edition by more than 46  percent last year, an industry monitoring group said on  Tuesday.
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Tribune Co. said on Thursday it was  reviewing alternatives for the entire company and that it has  hired financial advisers to help determine its choices.