Tribune reports 4Q loss; Zell still sees 'significant opportunity'

Tribune Co. has announced a $78 million loss from continuing operations in the fourth quarter as it continues to cope with the historic downturn in the newspaper industry.

The loss was a turnaround from a $233 million gain from continuing operations a year earlier.

The now-private media conglomerate reports full-year income from continuing operations of $55 million, down from $661 million in 2006.

Tribune blamed the declines on lower revenues, higher interest expense and other factors as advertising and circulation continued to slide.

Chairman and CEO Sam Zell says he sees "significant opportunity" at Tribune despite the continued difficult operating environment and weakness in newspaper revenue.