From: FitzSimons, Dennis J.
Sent: Monday, June 19, 2006 9:14 AM
Dear Fellow Employee:
I want to update you on two key announcements we made earlier this morning:
First, we reported revenues for May, which were up 2 percent compared to last year. Publishing revenue rose 2 percent with advertising revenue increasing 3.6 percent. Broadcasting and entertainment group revenue increased 2.3 percent.
We also announced the sale of WCWN-TV, Albany, to Freedom Communications, Inc., for $17 million. This transaction, like our recently announced sale of WATL-TV, supports our plan to divest non-core assets as part of the stock repurchase strategy announced last month.
WCWN employees have done an excellent job and deserve recognition for their efforts. Freedom also operates WRGB-TV, the CBS affiliate in Albany, so the acquisition of WCWN gives them a duopoly in the market.
Lastly, Don Grenesko and I will speak at the Newspaper Association of America Mid-Year Media Review tomorrow in New York. A live webcast will be available on tribune.com.
We’ll continue to update you on the company’s progress as we move forward. Thanks for all of your hard work.