TRIBUNE COMPANY UPDATES STRATEGIC REVIEW PROCESS
Board of Directors Meets, Declares Regular Quarterly Dividend
CHICAGO, Feb. 13, 2007—Tribune Company (NYSE:TRB) today updated the progress of its review of strategic alternatives and announced that the board of directors declared a regular quarterly dividend. The board took the action at today’s regularly scheduled meeting.
“The review process has been rigorous and will continue to move forward with the assistance of our outside financial and legal advisors,” said William A. Osborn, Tribune’s lead independent director and chairman of the special committee. “The board expects to make a decision on a course of action and have an announcement before the end of the first quarter.”
In September, the company announced the formation of the independent special committee to oversee management’s exploration of strategic alternatives for creating additional shareholder value. The committee will make a recommendation to the full board of directors.
The board of directors also declared a regular quarterly dividend of $.18 per share on common stock payable on March 8, 2007, to shareholders of record at the close of business on Feb. 22, 2007.
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TRIBUNE (NYSE:TRB) is one of the country’s top media companies, operating businesses in publishing, interactive and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and websites in the nation’s top three markets. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and Hartford Courant. The company’s broadcasting group operates 23 television stations, Superstation WGN on national cable, Chicago’s WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune’s print and broadcast properties and extend the company’s nationwide audience.
MEDIA CONTACT:
Gary Weitman
312/222-3394 (office) 312/222-1573 (fax)
Gary Weitman
312/222-3394 (office) 312/222-1573 (fax)
INVESTOR CONTACT:
Ruthellyn Musil
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