TRIBUNE COMPANY PRESS RELEASE

Tribune Reports 2007 First Quarter Results


CHICAGO, April 19, 2007 –- Tribune Company (NYSE: TRB) today reported first quarter 2007 diluted earnings per share from continuing operations of $.08 compared with $.32 in the first quarter of 2006.

First quarter 2007 results from continuing operations included the following:

- A net non-operating loss of $.20 per diluted share.

First quarter 2006 results from continuing operations included the following:

- A charge of $.04 per diluted share for severance and other payments associated with the new union contracts at Newsday.

- A net non-operating loss of $.02 per diluted share.

Tribune presents earnings per share amounts on a generally accepted accounting principles (“GAAP”) basis only. This differs from the proforma earnings per share amounts supplied by broker analysts to databases such as First Call.

“The print advertising environment was challenging in the first quarter due to softness in classified categories,” said Dennis FitzSimons, Tribune chairman, president and chief executive officer.“Our interactive division continues to generate significant growth and our newspapers continue to innovate—the Los Angeles Times launched new travel and fashion sections and RedEye will add a weekend edition in May. In broadcasting, revenue improvements in primetime helped offset weaker market conditions due in part to the absence of political spending versus last year.”

FIRST QUARTER 2007 RESULTS FROM CONTINUING OPERATIONS
(Compared to First Quarter 2006)

Tribune’s 2007 first quarter operating revenues decreased 4 percent,or $55 million, to $1.2 billion. Consolidated cash operating expenseswere down 2 percent, or $22 million. In the first quarter of 2006, cash operating expenses included a charge of $19 million associated with the new union contracts at Newsday. Operating cash flow was down 12 percent to $238 million from $271 million, while operating profit declined 16 percent to $181 million from $217 million.

PUBLISHING

Publishing’s first quarter operating revenues were $931 million, down 5 percent, or $54 million. Publishing cash operating expenses decreased $26 million, or 3 percent, to $748 million, in part due to the charge of$19 million in 2006 associated with the new union contracts at Newsday. Publishing operating cash flow was $184 million, a 13 percent decline from $212 million in 2006. Publishing operating profit decreased 18 percent to $140 million, from $170 million in 2006.

Management Discussion

- Advertising revenues decreased 6 percent, or $47 million, for the quarter.

- Retail advertising revenues were down 1 percent for the quarter. Increases at Chicago and South Florida were more than offset by decreases at Newsday and Los Angeles. Preprint revenues increased 2 percent for the quarter.

- National advertising revenues were down 2 percent for the quarter, with declines across most categories.

- Classified advertising revenues declined 14 percent for the quarter, with the largest declines at South Florida and Orlando: real estate revenues fell by 15 percent, help wanted revenues declined 14 percent and auto revenues were down 16 percent.

- Interactive revenues, which are included in the above categories, were up 17 percent to $60 million, mainly due to strength in the classified auto and real estate categories.

- Circulation revenues were down 7 percent for the quarter.

- Individually paid circulation (home delivery plus single copy) for Tribune’s 9 metro newspapers averaged 2.8 million copies daily (Mon-Fri), flat from the prior year’s first quarter, and 4.0 million copies Sunday, down about 3 percent from the same reporting period in 2006.

- Total net paid circulation averaged 2.9 million copies daily (Mon-Fri), off 2 percent from the prior year’s first quarter, and 4.1 million copies Sunday, representing a decline of 4 percent from the prior year as the Company continued to reduce “other paid” circulation.

- Cash operating expenses decreased $26 million due in part to the previously discussed $19 million charge related to the Newsday union contracts in 2006, partially offset by a $2 million gain on real property sales in 2006. All other cash expenses were down $9 million as decreases in newsprint, compensation and promotion expenses were partially offset by increases in mailed preprint advertising postage and outside services expense.

BROADCASTING AND ENTERTAINMENT

Broadcasting and entertainment’s first quarter operating revenues decreased slightly to $283 million, from $284 million in 2006. Group cash operating expenses increased 2 percent, or $4 million, to $209 million. Operating cash flow was $74 million, down 7 percent from $80 million, and operating profit decreased 9 percent to $61 million from $67 million in 2006.

Television’s first quarter revenues decreased 1 percent to $264million in 2007. Television cash operating expenses were up 2percent, or $4 million from last year. Television operating cash flow was $78 million, down 6 percent from $83 million in 2006. Television operating profit declined 8 percent to $67 million, down from $73million.

SOURCE: Tribune Corporate Relations

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