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Wednesday, March 21, 2007

Message from Dennis FitzSimons CEO Tribune Company

Dear Fellow Employee,

This morning we released our February revenue report. Although publishing revenues were down about 5 percent, broadcasting revenues were up 1 percent. Results were slightly better than for January and somewhat better than those of our peers. Importantly, interactive revenues were up 17 percent, to $20 million. Today’s press release is posted on tribune.com.

Understandably, there continues to be a great deal of media speculation surrounding our review of strategic alternatives. The special committee’s work has been rigorous and thorough, and the board is working toward an announcement by the end of the month.

The attention focused on the strategic review, however, masks a number of positive things going on around the company. For example:

-- RedEye, our popular youth-oriented commuter tabloid in Chicago, last week announced the launch of a weekend edition. It will be delivered to homes starting in early May.

--This past Sunday, the Los Angeles Times launched IMAGE—a vibrant print and online publication dedicated to Southern California’s unique style and culture. In Hartford, the Courant will debut a monthly lifestyle magazine called CT Slant on March 29.

--In broadcasting, The CW Network is delivering better revenues for our TV stations in prime time. Shows such as “America’s Next Top Model” are generating solid ratings, and current program development for the fall season looks great.

--Journalists at the Chicago Tribune and Orlando Sentinel won Distinguished Writing Awards from the American Society of Newspaper Editors (ASNE). This follows the three George Polk Awards recently earned by The Sun, Hartford Courant and Los Angeles Times.

--As you may have heard, the Chicago Tribune’s Tim Ryan is succeeding Ronnie Matthews as publisher of The Sun in Baltimore. While we’re sorry to see Ronnie go and thank her for years at Tribune, Tim’s extensive experience, including five years in Sun management, will serve us well. This is another example of the excellent people and depth of management at the company.

--Finally, Chicago Tribune Charities, a McCormick Tribune Foundation fund, yesterday announced that 21 agencies in the Chicago area will receive grants totaling $945,000. The grants focus on hunger relief.

Clearly, there is a lot of important work with positive outcomes going on around the company. Your focus on business and on serving our customers during this lengthy review process is very much appreciated.

Sincerely,

Dennis

SOURCE LA Biz Observed

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