Tribune Company Press Release

Tribune Announces Settlement Among Major Creditors

CHICAGO, April 8, 2010—Tribune Company today announced an agreement supported by major creditors J.P. Morgan and Angelo Gordon, lenders under the company’s prepetition senior credit facility, and Centerbridge Partners, holder of approximately 37 percent of the company’s outstanding prepetition senior notes, proposing to settle all potential claims arising from the company’s going-private transactions in 2007.

The terms of the agreement, which also has the support of the Official Committee of Unsecured Creditors, will be incorporated into a plan of reorganization for Tribune and its debtor affiliates, to be filed with the U.S. Bankruptcy Court for the District of Delaware. “The company supports the resolution of our bankruptcy through a plan of reorganization that implements the terms of this agreement. The plan will allow us to resolve these cases without the distraction, expense and delay of protracted litigation, and is in the best interests of Tribune and all of our constituents,” said Don Liebentritt, Tribune’s Chief Legal Officer.

“We’re very pleased that an agreement has been reached, and we appreciate the support we’ve received from J.P. Morgan, Angelo Gordon, Centerbridge and the Committee,” said Randy Michaels, Tribune’s Chief Executive Officer. “This will enable us to file our plan prior to next Tuesday’s court hearing. It is another significant step forward as we continue to transform our media businesses, attract and retain talented people, and seize opportunities to grow.”

Under the plan, the holders of the senior notes would receive 7.4 percent of the company’s distributable value, which would be paid in a combination of cash, debt and stock. The company’s senior credit facility lenders would receive cash and debt, and stock representing in excess of 91 percent of the equity of the reorganized company. Under the plan, the company would emerge from bankruptcy, significantly deleveraged, with its business units intact and with adequate liquidity for operating and capital needs. Once filed, the plan will be subject to a creditor vote and approval by the Court.

Material terms of the agreement have been filed with the Bankruptcy Court.



Tribune and most of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in December 2008, and have continued operating their newspapers, broadcasting assets and interactive properties without interruption since that time. The plan is expected to enable the company to emerge from bankruptcy later this year.

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TRIBUNE is an industry-leading multimedia company, operating businesses in publishing, interactive and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, Morning Call and Daily Press. The company’s broadcasting group operates 23 television stations, WGN America on national cable and Chicago’s WGN-AM. Popular news and information websites complement Tribune’s print and broadcast properties and extend the company’s nationwide audience. At Tribune we take what we do seriously and with a great deal of pride. We also value the creative spirit and nurture a corporate culture that doesn’t take itself too seriously.

MEDIA CONTACT:
Gary Weitman
SVP/Corporate Relations
312/222-3394 (office)
gweitman@tribune.com