Tribune tanks

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Third-quarter profits fell 33% at Tribune Co. due to investment losses and the cost of settling with advertisers after circulation scandals at two Tribune newspapers.

The media conglom, whose holdings include 14 daily newspapers and 26 television stations, also said Thursday that income from its newspaper division declined even beyond the $55 million set aside to pay advertisers for the false circulation totals at Newsday of Long Island and Spanish-language Hoy of New York.

Net income for the July-September quarter was $121.6 million, down from $182.3 million a year earlier.

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