Memo from Jack Griffin CEO Tribune Publishing

From: Jack Griffin
Sent: Wednesday, March 04, 2015 9:07 AM
Subject: Fourth-Quarter and Full-Year 2014 Earnings Results

Dear Colleagues:

Tribune Publishing Company today announced our fourth quarter and full-year 2014 earnings.

As discussed on our earnings call earlier today, 2014 was a watershed year for our Company:

*We introduced the industry’s best digital experience across all of our brands and launched companion mobile apps in all of our markets;

*We made a number of key management appointments at our leading media groups in Los Angeles, Orlando and Hartford;

*We appointed a Chief Revenue Officer and, in short order, he has re-organized the team to create better offerings that meet the needs of local and national advertisers;

*We launched new consumer acquisition and loyalty efforts, including the “Consumer All Access” model, which has resulted in digital user growth;

*We continued to invest in content at all of our properties; and

*We executed on our bolt-on acquisition strategy, which we articulated in our road show last summer.

In the fourth quarter, our first full period as a public company, total revenue was $457 million vs. $484 million in the prior year. Our circulation business remained strong, with revenues up $2 million in the quarter compared to the prior year. We saw $11 million in revenue growth from Digital Marketing Services, Direct Mail and Content Syndication.

The combination of our new digital platforms, mobile apps, acquisition efforts and compelling content helped drive digital growth. By the end of the quarter, Tribune Publishing had more than 3.2 million registered users and 659,000 paid digital users.

While we made significant progress in 2014, our transformational journey to become a fully diversified multiplatform media and marketing company has only just begun. We articulated a growth strategy to the investment community today that includes 5 core tenets:

1. Accelerating our transition to digital;
2. Diversifying our revenue base;
3. Maintaining disciplined cost structure;
4. Pursuing accretive acquisitions, and
5. Accelerating our national sales revenue.

You will hear more about these key initiatives as we head into the goal-setting season and set our performance expectations.

Thank you for your hard work in 2014 and for your continued focus in 2015.

Best regards,

Jack