From: FitzSimons, Dennis J.
Sent: Wednesday, June 14, 2006 4:45 PM
Dear Fellow Employee:
As you may already know, on Wednesday, the Chandler Trusts issued a letter to Tribune's Board of Directors that was also made public through a filing with the Securities and Exchange Commission. In it, the representatives of the Trusts state that the Trusts will not participate in our tender offer that was announced on May 30.
Many of the assertions in the letter are inaccurate. We issued the following statement in response:
" William A. Osborn, Tribune's lead independent director, said: "Tribune's Board of Directors evaluated a broad range of strategic alternatives at numerous meetings over a period of months. The actions suggested by the Chandler Trusts in today's letter were considered by the board prior to its approval of the tender offer. After receiving recommendations from management and the board's outside financial and legal advisors, all the directors except those representing the Chandler Trusts approved the tender offer as being in the best interest of all shareholders."
"Dennis FitzSimons, Chairman, President and CEO of Tribune Company said: "After extensive deliberations by the Board, which included a detailed review of the environment in which all media and newspaper companies are operating today, we recommitted to an aggressive performance improvement program. This includes continued expansion of our Internet portfolio, the sale of non-core assets, and additional cost saving initiatives. In a changing media environment, our commitment to quality journalism and service to our communities will continue to be a top priority. We believe Tribune Company has a great future and we are focused on creating long-term value for all of our shareholders, many of whom are employees.
"It's important to note that Tribune remains committed to the plans we announced on May 30, and our confidence in the company's future is strong.
We'll keep you apprised of further developments.