Tribune to Increase Dividend 50 Percent

Tribune to Increase Dividend 50 Percent

Quarterly Dividend Raised to $.18 Per Share; Company Promotes Two Executives

CHICAGO, Feb. 8 /PRNewswire-FirstCall/ -- Tribune Company's board of directors today voted to increase the company's quarterly dividend 50 percent, from $.12 to $.18 per share. The dividend is payable on March 10, 2005, to shareholders of record on February 24, 2005.

"Tribune will generate more than $800 million in free cash flow in 2005," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "Increasing the dividend, along with our ongoing share repurchase program, is evidence of our strong financial position and our commitment to returning value to our shareholders." The company has $600 million remaining on its current authorization for share repurchase.

In other action at today's regularly scheduled meeting, the board promoted Thomas Leach to senior vice president/development and named Harry Amsden vice president/corporate compliance and risk management. Leach has been with the company since 1986, and has served as Tribune's vice president/development since February 2004. Amsden also joined Tribune in 1986, and has been assistant controller for the company since 2000.

TRIBUNE (NYSE:TRB) is one of the country's top media companies, operating businesses in broadcasting and publishing. It reaches more than 80 percent of U.S. households and is the only media organization with television stations, newspapers and websites in the nation's top three markets. In publishing, Tribune operates 11 leading daily newspapers including the Los Angeles Times, Chicago Tribune and Newsday, plus a wide range of targeted publications such as Spanish-language Hoy. The company's broadcasting group operates 26 television stations, Superstation WGN on national cable, Chicago's WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.


Source: Tribune Company

CONTACT: Media, Gary Weitman, +1-312-222-3394 (office), +1-312-222-1573
(fax), gweitman@tribune.com , or Investors, Ruthellyn Musil, +1-312-222-3787
(office), +1-312-222-1573 (fax), rmusil@tribune.com , both of Tribune Company

Web site: http://www.tribune.com/


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