Los Angeles Times Union Negotiations Update

On February 18, 2008, the Company announced to the Union its intent to seek $1.8 million in cost savings from the pressroom. Since that time, the parties have engaged in good faith bargaining and have exchanged proposals on this issue. Today, the Company presented a counter-proposal to the Union on a severance package related to the $1.8 million cost-savings initiative. The highlight of the Company’s offer is as follows:

Subject to the Plan document, bargaining unit employees who volunteer to sever their employment from the LAT will receive severance pay, which include, but not limited to, up to 52-weeks severance and health care benefits; and

Subject to the Plan document, bargaining unit employees that are laid off involuntarily will receive severance pay, which include, but not limited to,
up to 26-weeks severance and health care benefits.

The Company explained to the Union that the above severance offer shall not create a precedent. Finally, the Company stated to the Union that the above offer of severance must be accepted by the Union in writing on or before noon on Monday, March 17, 2008, or the offer will be withdrawn without further notice.

Russ