TRIBUNE COMPANY PRESS RELEASE

Tribune To Repurchase Up To 126 Million Common Shares For $34 PerShare In Cash

» Represents over 50% of Shares Outstanding; Value of Approximately $4.3 Billion;
» Initial $250 Million Investment by Sam Zell Completed

CHICAGO, April 25, 2007 –- Tribune Company (NYSE: TRB) today announced that it has commenced its previously announced tender offer to repurchase up to 126 million shares of its common stock for $34 pershare, returning approximately $4.3 billion of capital to shareholders. In the tender offer, shareholders will have the opportunity to tender some or all of their shares at a price of $34 per share in cash. The tender offer is being made pursuant to the previously disclosed merger agreement among Tribune, the Tribune Employee Stock Ownership Plan (ESOP), the ESOP’s merger subsidiary and an affiliate of Sam Zell. The tender offer commenced today and will expire on May 24, 2007, unless extended.

The repurchase of up to 126 million shares of common stock through the tender offer represents over 50% of Tribune’s outstanding common shares with a total value of approximately $4.3 billion. The stock repurchases will be funded through bank debt and a $250 million investment from Sam Zell. The Zell investment was consummated on April 23, 2007.

“This tender offer will return significant capital to Tribune shareholders, including employees who currently own about 23 million shares of stock,” said Dennis FitzSimons, Tribune chairman, president and chief executive officer. “With Sam Zell’s initial investment completed, and the tender offer launched, the first stage of our transaction that will result in Tribune Company going private is underway.”

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The Chandler Trusts, which collectively hold approximately 20% of Tribune’s outstanding shares of common stock, have agreed to tender all shares of Tribune common stock held by them at the expiration of the offer. The ESOP and Zell will not tender any of the shares of Tribune common stock held by them in the offer.

To view this full press release on the Internet,
go to:http://www.tribune.com/pressroom/releases/2007/04252007.html