Tribune Co. said its earning were up significantly in the first quarter, thanks to a change in tax status, but revenue slipped 8 percent.

The Chicago-based media company and parent of the Los Angeles Times and KTLA 5 said it earned $1.82 billion on revenue of $1.1 billion. In the prior-year quarter, the company earned $11 million on revenue of $1.2 billion.

Results included a tax gain of $1.86 billion. Tribune had a loss before taxes of $30 million, down from earnings of $31 million in the first quarter of 2007.

Tribune went private in December in an $8.2 billion buyout led by Chicago billionaire Sam Zell.

"Print ad revenues continue to be challenged by the weak economy's impact on real estate and classified advertising," Zell said in a news release. "Broadcasting operating results are notably more stable."

The company said publishing revenue declined 11 percent, to $823 million, and broadcast revenue climbed 3 percent, to $292 million.

Newspaper advertising sales fell 15 percent, as classified revenue dropped 27 percent.