MediaBuyerPlanner: The Securities and Exchange Commission concluded yesterday its investigation begun in 2004 of the alleged circulation fraud at Tribune Co.'s Newsday and Hoy, ruling that the company's lack of internal controls required to detect and prevent inaccurate reports had resulted false circ figures since at least January 2002 and through March 2004, AdAge writes.

In a settlement with Tribune, the SEC told the company only to "cease and desist" from committing or causing such violations, sparing the newspapers of levy fines or other sanctions, citing the company's corrective actions and cooperation.

"Circulation figures are important because they are one of the most reliable indicators of a publishing company's current financial condition and its future prospects," said David Nelson, director of the SEC's Southeast Regional Office, Miami. "As a public company, Tribune had an obligation to establish internal mechanisms to assure that the circulation figures and related financial information was reported to the public accurately."