Tribune Reports 2005 Fourth Quarter and Full Year Results

Tribune Reports 2005 Fourth Quarter and Full Year Results

CHICAGO, Feb. 1 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today reported fourth quarter 2005 diluted earnings per share of $.43 compared with $.67 in the fourth quarter of 2004. For the full year 2005, Tribune reported diluted earnings per share of $1.67, flat with 2004.

Fourth quarter 2005 and 2004 results included the following:

-- A severance charge of $.09 per diluted share in the 2005 quarter for
the elimination of approximately 900 positions, compared with a charge
of $.05 per diluted share in the 2004 quarter for the elimination of
approximately 230 positions. The position eliminations in both years
were primarily in the publishing group.

-- A charge of $.04 per diluted share, or $22 million, in the 2005
quarter for the announced shutdown of the Los Angeles Times San
Fernando Valley printing facility. This charge included $16 million
of accelerated depreciation and $6 million of cash operating expenses.

-- A pension curtailment gain of $.03 per diluted share in the 2005
quarter as a result of the Company's replacement of certain defined
benefit plans with a defined contribution plan.

-- A net non-operating loss of $.04 per diluted share in the 2005
quarter, compared with a net non-operating gain of $.06 per diluted
share in the 2004 quarter.

-- A charge of $.05 per diluted share in the 2004 quarter for the
cumulative effect of a change in accounting principle related to
intangible assets.

Full year 2005 and 2004 results included the following:

-- A charge of $.09 per diluted share in 2005 for the elimination of
approximately 900 positions, compared with a charge of $.07 per
diluted share in 2004 for the elimination of approximately
600 positions. The position eliminations in both years were primarily
in the publishing group.

-- A charge of $.04 per diluted share, or $22 million, in 2005 for the
announced shutdown of the Los Angeles Times San Fernando Valley
printing facility. The charge included $16 million of accelerated
depreciation and $6 million of cash operating expenses.

-- A pension curtailment gain of $.03 per diluted share in 2005 as a
result of the Company's replacement of certain defined benefit plans
with a defined contribution plan.

-- A charge of $.17 per diluted share in 2004 related to the anticipated
settlement with advertisers regarding misstated circulation at Newsday
and Hoy, New York.

-- A net non-operating loss of $.30 per diluted share in 2005, compared
with a net non-operating loss of $.28 per diluted share in 2004.

-- A charge of $.05 per diluted share in 2004 for the cumulative effect
of a change in accounting principle related to intangible assets.

Tribune presents earnings per share amounts on a generally accepted accounting principles ("GAAP") basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call.

"In 2005, our local media businesses generated $1.4 billion in operating cash flow and we repurchased 12 million shares of our stock," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "We have taken aggressive steps to reduce expenses. Now, our top priority for 2006 is revenue growth. The recent decision to affiliate 16 of our TV stations with The CW Network is a great step forward for our broadcasting group. We also look to continue expanding our interactive operations."

FOURTH QUARTER 2005 RESULTS (1)
(Compared to Fourth Quarter 2004)

CONSOLIDATED

Tribune's 2005 fourth quarter operating revenues decreased 5 percent to $1.41 billion from $1.48 billion in the 2004 fourth quarter. Consolidated cash operating expenses were up 2 percent, or $17 million. In the fourth quarter of 2005, cash operating expenses included $45 million of severance charges, $6 million of expenses related to the shutdown of the Los Angeles Times San Fernando Valley printing facility and a pension curtailment gain of $18 million. In the fourth quarter of 2004, operating expenses included $24 million of severance charges. All other cash operating expenses were up 1%, or $7 million, for the quarter. Depreciation and amortization expense in the fourth quarter of 2005 included accelerated depreciation of $16 million related to the shutdown of the Los Angeles Times San Fernando Valley printing facility. Operating cash flow was down 20 percent to $341 million from $427 million, while operating profit decreased 27 percent to $269 million from $369 million.

The plant shutdown and elimination of approximately 900 positions will result in annual savings of approximately $55-$60 million, primarily in publishing, beginning in 2006.

PUBLISHING

Publishing's fourth quarter operating revenues were $1.07 billion, down 2 percent compared with last year's fourth quarter. Publishing cash operating expenses were up 2 percent, or $20 million. Publishing operating cash flow was $233 million, a 17 percent decrease from $279 million in 2004. Publishing operating profit decreased 26 percent to $174 million, down from $234 million in 2004.

Publishing operating profit in the 2005 fourth quarter included $22 million of expenses related to the shutdown of the Los Angeles Times San Fernando Valley printing facility, $43 million of severance charges for the elimination of over 800 positions and a pension curtailment gain of $13 million. Publishing operating profit in the 2004 fourth quarter included $24 million of severance charges for the elimination of approximately 230 positions.

Management Discussion

-- Advertising revenues decreased 2 percent for the quarter.

-- Retail advertising revenues were down 4 percent for the quarter.
Decreases in the department stores, furniture/home furnishings,
electronics, and food & drug store categories were partially offset by
increases in the hardware/home improvement and personal services
categories. Preprint revenues, which are principally included in
retail, were down 3 percent, due primarily to volume declines at
Newsday. Excluding Newsday, preprint revenues were up 1 percent due
to strength in Los Angeles.

-- National advertising revenues were down 5 percent for the quarter,
with decreases in the wireless, technology, movies and auto
categories, partially offset by an increase in the financial category.

-- Classified advertising revenues were up 3 percent for the quarter:
help wanted was up 11 percent, real estate rose 19 percent, while auto
was down 16 percent for the quarter.

-- Interactive revenues, which are included in the above advertising
categories, were up 40 percent to $46 million, mainly due to increases
in classified help wanted.

-- Circulation revenues were down 4 percent for the quarter.

-- Individually paid circulation (home delivery plus single copy) for
Tribune's 11 metro newspapers averaged 2.8 million copies daily
(Mon-Fri) and 4.2 million copies Sunday, down 2.0 percent and
0.5 percent, respectively, from the prior year's quarter.

-- Total net paid circulation averaged 3.0 million copies daily
(Mon-Fri) and 4.4 million copies Sunday for the 2005 fourth
quarter, a decline of 3.7 percent and 1.9 percent, respectively,
from the prior year's quarter, as the company continued to manage
down "other paid" circulation.

-- Cash operating expenses increased 2 percent, or $20 million, primarily
due to the previously discussed plant shutdown costs and higher
severance charges, partially offset by the pension curtailment gain.
All other cash expenses rose $8 million primarily due to a 6 percent
rise in newsprint and ink expense; higher market prices were partially
offset by lower consumption.

BROADCASTING AND ENTERTAINMENT

Broadcasting and entertainment's fourth quarter operating revenues decreased 11 percent to $343 million, down from $385 million in 2004. Group cash operating expenses were up 1 percent compared with the 2004 fourth quarter. Operating cash flow was $118 million, down 27 percent from $162 million, and operating profit decreased 30 percent to $105 million from $149 million.

Television's fourth quarter revenues decreased 10 percent to $319 million, down from $352 million in 2004. Television cash operating expenses were up 7 percent, or $13 million, from last year. Television operating cash flow was $112 million, a 29 percent decrease from $158 million. Television operating profit declined 31 percent to $101 million, down from $147 million.

Management Discussion

-- Television advertising revenues reflect softness in the telecom, auto
and food categories, partially offset by increases in the financial
and education categories. Station revenues continue to be impacted by
ratings issues and market softness.

-- Television cash operating expenses were up 7 percent compared with
last year primarily due to higher broadcast rights amortization
expense.

-- FTEs were down 3 percent, or approximately 90 positions, from the
prior year.

-- Radio/entertainment revenues for 2005 reflect lower syndication
revenues at Tribune Entertainment and fewer home games for the Chicago
Cubs. Cash operating expenses in the fourth quarter of 2005 included
a one-time $5.4 million net recovery of legal costs from a litigation
settlement.

EQUITY RESULTS

Net equity income was $21 million in the fourth quarter of 2005, compared with $20 million in the fourth quarter of 2004. The increase was primarily due to higher TV Food Network income.

NON-OPERATING ITEMS

In the 2005 fourth quarter, Tribune recorded a pretax non-operating loss of $20 million ($12 million after-tax, or $.04 per diluted share), while in the 2004 fourth quarter the Company recorded a pretax non-operating gain of $29 million ($18 million after-tax, or $.06 per diluted share). Non-operating items in both quarters were primarily from marking-to-market the derivative component of the Company's PHONES and the related Time Warner investment.

FULL YEAR RESULTS

CONSOLIDATED

For the full year 2005, operating revenues decreased 2 percent to $5.6 billion, down from $5.7 billion in 2004. Consolidated cash operating expenses were down 2 percent compared with the prior year. Operating cash flow was $1.39 billion, a 4 percent decrease compared with $1.45 billion reported in 2004. Operating profit was down 6 percent to $1.15 billion, from $1.22 billion in 2004.

PUBLISHING

For the full year 2005, operating revenues for publishing decreased 1 percent to $4.10 billion, down from $4.13 billion in 2004. Cash operating expenses decreased 2 percent in 2005. Operating cash flow rose 5 percent to $951 million, from $905 million in 2004. Operating profit increased 5 percent, or $34 million, in 2005.

For the full year 2005, publishing operating profit included a pretax charge of $22 million for the shutdown of the Los Angeles Times San Fernando Valley printing facility, $43 million of severance charges for the elimination of over 800 positions and a pension curtailment gain of $13 million. For the full year 2004, publishing operating profit included a pretax charge of $90 million related to the anticipated settlement with advertisers regarding misstated circulation at Newsday and Hoy, New York. The full year 2004 also included a pretax charge of $41 million for the elimination of about 600 positions.

BROADCASTING AND ENTERTAINMENT

For the full year 2005, operating revenues for broadcasting and entertainment decreased 6 percent to $1.5 billion, down from $1.6 billion in 2004. Cash operating expenses increased 1 percent in 2005. Operating cash flow declined 18 percent to $488 million from $597 million. Operating profit decreased 20 percent to $437 million, down from $544 million.

For the full year 2005, operating revenues for television decreased 8 percent to $1.25 billion, down from $1.35 billion in 2004. Cash operating expenses increased 3 percent in 2005. Operating cash flow declined 22 percent to $449 million from $573 million. Operating profit decreased 23 percent to $403 million, from $526 million in 2004.

EQUITY RESULTS

Equity income was $41 million for the full year 2005, compared with $18 million in 2004. The increase primarily reflects improvements at TV Food Network and Comcast SportsNet Chicago. In addition, the Company is no longer recording losses for The WB Network as the Company's book investment has been reduced to zero.

NON-OPERATING ITEMS

In 2005, Tribune recorded a pretax non-operating gain of $70 million ($43 million after-tax), primarily from marking-to-market the derivative component of the Company's PHONES and the related Time Warner investment. In addition, the Company recorded $150 million of additional income tax expense in the third quarter of 2005 as a result of the Matthew Bender Tax Court ruling, and recorded favorable income tax settlement adjustments of $12 million as a reduction in income tax expense in the first quarter of 2005. In the aggregate, non-operating items in 2005 resulted in an after-tax loss of $96 million, or $.30 per diluted share.

In 2004, Tribune recorded a pretax non-operating loss of $145 million ($90 million after-tax, or $.28 per diluted share). Non-operating items in 2004 primarily included a pretax loss of $141 million from the early retirement of debt, a pretax loss of $18 million from marking-to-market the derivative component of the Company's PHONES and the related Time Warner investment, and an $18 million pretax gain from the sale of the Company's ownership interest in La Opinion.

ADDITIONAL FINANCIAL DETAILS
(Fourth Quarter and Full Year)

Corporate expenses for the 2005 fourth quarter decreased 34 percent to $9 million from $14 million in the fourth quarter of 2004. Corporate expenses for the full year 2005 decreased 5 percent to $49 million from $52 million. The declines were primarily due to a pension curtailment gain of approximately $4 million as a result of the Company's replacement of certain defined benefit plans with a defined contribution plan.

Interest expense for the 2005 fourth quarter increased to $46 million, up 32 percent from $35 million in the fourth quarter of 2004. For the full year 2005, interest expense increased 1 percent to $155 million, up from $153 million in 2004. The increases were primarily due to new bond issuances in August and the issuance of commercial paper in late September to pay the federal portion of the Matthew Bender and Mosby tax liabilities. Debt, excluding the PHONES, was $2.8 billion at the end of 2005 and $2.0 billion at the end of 2004.

Diluted weighted average shares outstanding declined by 4 percent for both the fourth quarter and full year primarily due to stock repurchases. The Company repurchased 3.2 million shares in the fourth quarter and 12.2 million shares in the full year 2005.

Capital expenditures were $91 million in the fourth quarter and $206 million for the full year 2005.

RECENT ACTIONS

On January 8, 2006, Newsday's six collective bargaining units voted to accept new four-year contracts that include position eliminations, work rule improvements, and an increase in employee health care contributions, resulting in savings of approximately $7 million in 2006 and more than $10 million annually thereafter. The Company expects to record one-time charges of approximately $15 million in the first quarter of 2006 related to severance and other payments associated with the new contracts.

On January 24, 2006, the Company announced that it had reached a 10-year agreement to affiliate 16 of its television stations (including those in New York, Los Angeles and Chicago) with a new broadcast network being launched in fall 2006 by Warner Bros. Entertainment and CBS Corporation. The new network will air the best programming currently on the WB Network and the UPN Network; the WB Network will shut down at that time. The Company will not incur any costs related to the shutdown of the network. Three of Tribune's current WB network affiliates (Philadelphia, Atlanta and Seattle) will become independent stations at that time.

WEBCAST OF CONFERENCE CALL

Today at 8 a.m. (CST), a live webcast of the 2005 fourth quarter conference call will be accessible through http://www.tribune.com/ and http://www.fulldisclosure.com/ . An archive of the webcast will be available on these sites from February 1 through February 8. More information about Tribune is available at http://www.tribune.com/ or by calling 800/757-1694.

TRIBUNE (NYSE:TRB) is one of the country's top media companies, operating businesses in publishing and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and web sites 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 including 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 web sites complement Tribune's print and broadcast properties and extend the Company's nationwide audience.

This press release contains certain comments or forward-looking statements that are based largely on the Company's current expectations and are subject to certain risks, trends and uncertainties. Such comments and statements should be understood in the context of Tribune's publicly available reports filed with the Securities and Exchange Commission ("SEC"), including the most current annual 10-K report and quarterly 10-Q report, which contain a discussion of various factors that may affect the Company's business or financial results. Any of these factors could cause actual future performance to differ materially from current expectations. Tribune Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the SEC through a Form 8-K. The Company's next 10-K report to be filed with the SEC may contain updates to the information included in this release.

(1) "Operating profit" for each segment excludes interest and dividend
income, interest expense, equity income and losses, non-operating
items and income taxes. "Operating cash flow" is defined as operating
profit before depreciation and amortization. "Cash operating
expenses" are defined as operating expenses before depreciation and
amortization. Tables accompanying this release include a
reconciliation of operating profit to operating cash flow and
operating expenses to cash operating expenses. References to
individual daily newspapers include their related businesses.

TRIBUNE COMPANY
FOURTH QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

FOURTH QUARTER (A)
------------------------------------
%
2005 2004 Change
---------- ---------- ------
OPERATING REVENUES $ 1,414,995 $ 1,484,148 (4.7)
OPERATING EXPENSES(B) 1,145,840 1,115,545 2.7
---------- ----------

OPERATING PROFIT(C) 269,155 368,603 (27.0)

Net Income on Equity Investments 20,790 19,505 6.6
Interest and Dividend Income 2,404 483 NM
Interest Expense (46,116) (35,062) 31.5
Non-Operating Items(D) (20,366) 29,403 NM
---------- ----------

Income Before Income Taxes and
Cumulative Effect of Change in
Accounting Principle 225,867 382,932 (41.0)

Income Taxes (91,426) (148,330) (38.4)
---------- ----------

Income Before Cumulative Effect of
Change in Accounting Principle 134,441 234,602 (42.7)

Cumulative Effect of Change in
Accounting Principle,
net of tax (E) - (17,788) (100.0)
---------- ----------

NET INCOME 134,441 216,814 (38.0)

Preferred Dividends (2,094) (2,077) 0.8
---------- ----------
Net Income Attributable
to Common Shares $ 132,347 $ 214,737 (38.4)
========== ==========
EARNINGS PER SHARE
Basic:
Before cumulative effect of change
in accounting
principle, net $ .43 $ .73 (41.1)
Cumulative effect of change
in accounting principle,
net - (.05) (100.0)
---------- ----------
Total $ .43 $ .68 (36.8)
========== ==========
Diluted:
Before cumulative effect
of change in accounting
principle, net $ .43 $ .72 (40.3)
Cumulative effect of change
in accounting
principle, net - (.05) (100.0)
---------- ----------
Total(F) $ .43 $ .67 (35.8)
========== ==========

DIVIDENDS PER COMMON SHARE $ .18 $ .12 50.0
---------- ----------
Diluted Weighted Average Common
Shares Outstanding(G) 309,307 321,411 (3.8)
---------- ----------

(A) 2005 fourth quarter: Sept. 26, 2005 to Dec. 25, 2005. (13 weeks)
2004 fourth quarter: Sept. 27, 2004 to Dec. 26, 2004. (13 weeks)

(B) Operating expenses for 2005 included a charge of $22 million, or $.04
per diluted share, related to the announced shutdown of the Los
Angeles Times San Fernando Valley printing facility, a charge of $45
million, or $.09 per diluted share, ($43 million at publishing, $1
million at broadcasting & entertainment and $1 million at corporate)
related to the elimination of approximately 900 positions, and a
pension curtailment gain of $18 million, or $.03 per diluted share
($13 million at publishing, $1 million at broadcasting & entertainment
and $4 million at corporate). Operating expenses for 2004 included a
charge of $24 million, or $.05 per diluted share, related to the
elimination of approximately 230 positions in the publishing group.

(C) Operating profit excludes interest and dividend income, interest
expense, equity income and losses, non-operating items and income
taxes.

(D) The fourth quarter of 2005 included the following non-operating items:

Pretax After-tax Diluted
Gain (Loss) Gain (Loss) EPS
---------- ---------- ---------
Loss on derivatives and
related investments(1) $ (24,486) $ (14,937) $ (.05)
Gain on sales of subsidiaries
and investments, net 3,885 2,370 .01
Other, net 235 143 -
---------- ---------- ---------
Total non-operating items $ (20,366) $ (12,424) $ (.04)
========= ========= =========

The fourth quarter of 2004 included the following non-operating items:

Pretax After-tax Diluted
Gain Gain EPS
---------- ---------- ---------
Gain on derivatives and
related investments(1) $ 27,614 $ 16,844 $ .06
Gain on sales of subsidiaries
investments, net 1,711 1,044 -
Other, net 78 48 -
---------- ---------- ---------
Total non-operating items $ 29,403 $ 17,936 $ .06
========== ========== =========

(1) Gain (loss) on derivatives and related investments represents the
net change in fair values of the derivative component of the
Company's PHONES and the related Time Warner shares.

(E) As a result of adopting the provisions of the Financial Accounting
Standards Board's Emerging Issues Task Force Topic No. D-108, which
requires the use of a direct valuation method for intangible assets |
such as FCC licenses, the Company recorded a one-time pretax charge of
$29 million ($18 million after tax, or $.05 per diluted share) in the
fourth quarter of 2004 as a cumulative effect of a change in
accounting principle in the consolidated income statement.

(F) For the fourth quarters of 2005 and 2004, weighted average common
shares outstanding used in the calculation of diluted earnings per
share ("EPS") were adjusted for the dilutive effect of stock options.
The Company's Series C, D-1 and D-2 convertible preferred shares were
not included in the calculations of diluted EPS for the fourth quarter
of either year because their effects were antidilutive. Following are
the calculations for the fourth quarter:

Fourth Quarter
-----------------------
2005 2004
--------- ---------
Net income $ 134,441 $ 216,814
Dividends for Series C,
D-1 and D-2 preferred
stock (2,094) (2,077)
--------- ---------
Net income attributable
to common shares $ 132,347 $ 214,737
--------- ---------
Weighted average common
shares outstanding 307,402 317,715
Assumed exercise of stock
options, net of common
shares assumed repurchased 1,905 3,696
--------- ---------
Adjusted weighted average
common shares outstanding 309,307 321,411
--------- ---------

Diluted earnings
per share $ .43 $ .67
========= =========

(G) The number of common shares outstanding, in thousands,
at Dec. 25, 2005 was 306,680.

TRIBUNE COMPANY
FULL YEAR RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

FULL YEAR (A)
------------------------------------
%
2005 2004 Change
---------- ---------- ------
OPERATING REVENUES $ 5,595,617 $ 5,726,247 (2.3)
OPERATING EXPENSES(B) 4,448,794 4,507,958 (1.3)
---------- ----------

OPERATING PROFIT(C) 1,146,823 1,218,289 (5.9)

Net Income on Equity Investments 41,209 17,931 129.8
Interest and Dividend Income 7,539 3,053 146.9
Interest Expense (155,191) (153,118) 1.4
Non-Operating Items(D) 69,861 (145,044) NM
---------- ----------

Income Before Income Taxes and
Cumulative Effect of Change in
Accounting Principle 1,110,241 941,111 18.0

Income Taxes(D) (575,552) (367,787) 56.5
---------- ----------

Income Before Cumulative Effect of
Change in Accounting Principle 534,689 573,324 (6.7)

Cumulative Effect of Change in
Accounting Principle,
net of tax(E) - (17,788) (100.0)
---------- ----------

NET INCOME 534,689 555,536 (3.8)

Preferred Dividends (8,364) (8,308) 0.7
---------- ----------

Net Income Attributable
to Common Shares $ 526,325 $ 547,228 (3.8)
========== ==========
EARNINGS PER SHARE
Basic:
Before cumulative effect of
change in accounting
principle, net $ 1.68 $ 1.75 (4.0)
Cumulative effect of change
in accounting
principle, net - (.05) (100.0)
---------- ----------
Total $ 1.68 $ 1.70 (1.2)
========== ==========
Diluted:
Before cumulative effect
of change in accounting
principle, net $ 1.67 $ 1.72 (2.9)
Cumulative effect of change
in accounting principle, net - (.05) (100.0)
---------- ----------
Total(F) $ 1.67 $ 1.67 -
========== ==========

DIVIDENDS PER COMMON SHARE $ .72 $ .48 50.0
---------- ----------
Diluted Weighted Average Common
Shares Outstanding(G) 315,338 327,237 (3.6)
---------- ----------

(A) 2005 full year: Dec. 27, 2004 to Dec. 25, 2005. (52 weeks)
2004 full year: Dec. 29, 2003 to Dec. 26, 2004. (52 weeks)

(B) Operating expenses for 2005 included a charge of $22 million,
or $.04 per diluted share, related to the announced shutdown
of the Los Angeles Times San Fernando Valley printing facility,
a charge of $45 million, or $.09 per diluted share,($43 million
at publishing, $1 million at broadcasting & entertainment and
$1 million at corporate) related to the elimination of
approximately 900 positions, and a pension curtailment gain of
$18 million, or $.03 per diluted share ($13 million at publishing,
$1 million at broadcasting & entertainment and $4 million at
corporate). Operating expenses for 2004 included a charge of $41
million, or $.07 per diluted share, for the elimination of
approximately 600 positions in the publishing group and a charge of
$90 million, $.17 per diluted share, related to the anticipated
settlement with advertisers regarding misstated circulation at Newsday
and Hoy, New York.

(C) Operating profit excludes interest and dividend income, interest
expense, equity income and losses, non-operating items and income
taxes.

(D) The full year 2005 included the following non-operating items:

Pretax After-tax Diluted
Gain Gain(Loss) EPS
---------- ---------- ---------

Gain on derivatives and
related investments(1) $ 62,184 $ 37,932 $ .12
Gain on sales of subsidiaries
and investments, net 6,780 4,136 .01
Other, net 897 547 .01
Income tax adjustments(2) - (138,664) (.44)
---------- ---------- ---------
Total non-operating items $ 69,861 $ (96,049) $ (.30)
========== ========== =========

The full year 2004 included the following non-operating items:

Pretax After-tax Diluted
Gain(Loss) Gain(Loss) EPS
---------- ---------- ---------

Loss on derivatives and
related investments(1) $ (18,497) $ (11,283) $ (.03)
Loss on early debt
retirement(3) (140,506) (87,549) (.26)
Gain on sales of subsidiaries
and investments, net(4) 20,347 12,412 .03
Loss on investment write-downs
and other, net (6,388) (3,897) (.02)
---------- ---------- ---------
Total non-operating items $ (145,044) $ (90,317) $ (.28)
========== ========== =========

(1) Gain(loss) on derivatives and related investments represents the
net change in fair values of the derivative component of the
Company's PHONES and the related Time Warner shares.

(2) On September 27, 2005, the United States Tax Court issued an
opinion disallowing the 1998 tax-free reorganization of Matthew
Bender, a former subsidiary of The Times Mirror Company. Tribune
acquired Times Mirror in June 2000, and inherited the preexisting
tax dispute at that time. Taxes and related interest for both
the Matthew Bender transaction and a similar transaction
completed by Times Mirror for its Mosby subsidiary in the same
year total approximately $1 billion. Over time, deductions for
state taxes and interest will reduce the net cash outlay
to approximately $837 million. The Company had a tax reserve of
$228 million, net of tax, related to the litigation. As a result
of the Tax Court ruling, the Company increased its tax reserve
by $609 million by recording additional income tax expense of
$150 million and goodwill of $459 in the third quarter of 2005.
In the first quarter of 2005, the Company reduced its income
tax expense and liabilities by a total of $12 million as a result
of favorably resolving certain federal income tax issues.

(3) Loss on early debt retirement related to the retirement of $620
million of debt in the second quarter of 2004 at a cash premium
of $137 million.

(4) In 2004, gain on sales of subsidiaries and investments related
primarily to the sale of the Company's 50% interest in La
Opinion.

(E) As a result of adopting the provisions of the Financial Accounting
Standards Board's Emerging Issues Task Force Topic No. D-108, which
requires the use of a direct valuation method for intangible assets
such as FCC licenses, the Company recorded a one-time pretax charge of
$29 million ($18 million after tax, or $.05 per diluted share) in the
fourth quarter of 2004 as a cumulative effect of a change in
accounting principle in the consolidated income statement.

(F) For the full year 2005 and 2004, weighted average common shares
outstanding used in the calculation of diluted earnings per share
("EPS") were adjusted for the dilutive effect of stock options. The
Company's Series C, D-1 an D-2 convertible preferred shares were not
included in the calculations of diluted EPS for either year because
their effects were antidilutive. Following are the calculations for
the full year:

Full Year
-----------------------
2005 2004
--------- ---------

Net Income $ 534,689 $ 555,536
Dividends for Series C,
D-1 and D-2 preferred
stock (8,364) (8,308)
--------- ---------
Net income attributable
attributable to
common shares $ 526,325 $ 547,228
--------- ---------
Weighted average common
shares outstanding 312,880 322,420
Assumed exercise of stock
options, net of common shares
assumed repurchased 2,458 4,817
--------- ---------
Adjusted weighted average
common shares outstanding 315,338 327,237
--------- ---------

Diluted earnings
per share $ 1.67 $ 1.67
========= =========

(G) The number of common shares outstanding, in thousands,
at Dec. 25, 2005 was 306,680.

TRIBUNE COMPANY
BUSINESS SEGMENT DATA (Unaudited)
(In thousands)

FOURTH QUARTER
-----------------------------------
%
2005 2004 Change
PUBLISHING ---------- ---------- ------
Operating Revenues $ 1,072,360 $ 1,098,946 (2.4)
Cash Operating Expenses(A)(B) (839,795) (819,799) 2.4
---------- ----------
Operating Cash Flow(C)(D) 232,565 279,147 (16.7)
Depreciation and
Amortization Expense(E) (58,772) (45,319) 29.7
---------- ----------
Total Operating Profit(D) $ 173,793 $ 233,828 (25.7)
========== ==========
BROADCASTING AND ENTERTAINMENT
Operating Revenues
Television $ 318,912 $ 352,437 (9.5)
Radio/Entertainment 23,723 32,765 (27.6)
---------- ----------
Total Operating Revenues 342,635 385,202 (11.1)

Cash Operating Expenses(A)(B)
Television (206,753) (194,096) 6.5
Radio/Entertainment (18,115) (29,241) (38.0)
---------- ----------
Total Cash Operating
Expenses (224,868) (223,337) 0.7

Operating Cash Flow(C)(D)
Television 112,159 158,341 (29.2)
Radio/Entertainment 5,608 3,524 59.1
---------- ----------
Total Operating Cash Flow 117,767 161,865 (27.2)

Depreciation and
Amortization Expense
Television (11,292) (11,595) (2.6)
Radio/Entertainment (1,728) (1,355) 27.5
---------- ----------
Total Depreciation and
Amortization Expense (13,020) (12,950) 0.5

Operating Profit(D)
Television 100,867 146,746 (31.3)
Radio/Entertainment 3,880 2,169 78.9
---------- ----------
Total Operating Profit $ 104,747 $ 148,915 (29.7)
========== ==========
CORPORATE EXPENSES
Operating Cash Flow(B)(C)(D) $ (8,976)$ (13,738) (34.7)
Depreciation and Amortization
Expense (409) (402) 1.7
---------- ----------
Total Operating Loss(D) $ (9,385)$ (14,140) (33.6)
========== ==========
CONSOLIDATED
Operating Revenues $ 1,414,995 $ 1,484,148 (4.7)
Cash Operating Expenses(A)(B) (1,073,639) (1,056,874) 1.6
---------- ----------
Operating Cash Flow(C)(D) 341,356 427,274 (20.1)
Depreciation and
Amortization Expense(E) (72,201) (58,671) 23.1
---------- ----------
Total Operating Profit(D) $ 269,155 $ 368,603 (27.0)
========== ==========

(A) The Company uses cash operating expenses to evaluate internal
performance. The Company has presented cash operating expenses
because it is a common measure used by rating agencies, financial
analysts and investors. Cash operating expense is not a measure of
financial performance under generally accepted accounting principles
("GAAP") and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP.

Following is a reconciliation of operating expenses to cash operating
expenses for the fourth quarter of 2005:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating expenses $ 898,567 $ 237,888 $ 9,385 $ 1,145,840
Less: depreciation
and amortization
expense 58,772 13,020 409 72,201
---------- --------- --------- ---------
Cash operating
expenses $ 839,795 $ 224,868 $ 8,976 $ 1,073,639
========== ========= ========= =========

Following is a reconciliation of operating expenses to cash operating
expenses for the fourth quarter of 2004:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating expenses $ 865,118 $ 236,287 $ 14,140 $ 1,115,545
Less: depreciation
and amortization
expense 45,319 12,950 402 58,671
---------- --------- --------- ---------
Cash operating
expenses $ 819,799 $ 223,337 $ 13,738 $ 1,056,874
========== ========= ========= =========

(B) Cash operating expenses for the fourth quarter of 2005 included a
charge of $6 million related to the announced shutdown of the Los
Angeles Times San Fernando Valley printing facility, a charge of
$45 million ($43 million at publishing, $1 million at broadcasting &
entertainment and $1 million at corporate) related to the elimination
of approximately 900 positions, and a pension curtailment gain of
$18 million ($13 million at publishing, $1 million at broadcasting &
entertainment and $4 million at corporate). Publishing cash operating
expenses for the fourth quarter of 2004 included a charge of
$24 million for the elimination of approximately 230 positions in the
publishing group.

(C) Operating cash flow is defined as operating profit before depreciation
and amortization. The Company uses operating cash flow along with
operating profit and other measures to evaluate the financial
performance of the Company's business segments. The Company has
presented operating cash flow because it is a common alternative
measure of financial performance used by rating agencies, financial
analysts and investors. These groups use operating cash flow along
with other measures as a way to estimate the value of a company. The
Company's definition of operating cash flow may not be consistent with
that of other companies. Operating cash flow does not represent cash
provided by operating activities as reflected in the Company's
consolidated statements of cash flows, is not a measure of financial
performance under GAAP and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with
GAAP.

(D) Operating profit for each segment excludes interest and dividend
income, interest expense, equity income and losses, non-operating
items and income taxes.

Following is a reconciliation of operating profit(loss) to operating
cash flow for the fourth quarter of 2005:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating profit
(loss) $ 173,793 $ 104,747 $ (9,385)$ 269,155
Add back: depreciation
and amortization
expense 58,772 13,020 409 72,201
---------- --------- --------- ---------
Operating cash flow $ 232,565 $ 117,767 $ (8,976)$ 341,356
========== ========= ========= =========

Following is a reconciliation of operating profit(loss) to operating
cash flow for the fourth quarter of 2004:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating profit
(loss) $ 233,828 $ 148,915 $ (14,140)$ 368,603
Add back: depreciation
and amortization
expense 45,319 12,950 402 58,671
---------- --------- --------- ---------
Operating cash flow $ 279,147 $ 161,865 $ (13,738)$ 427,274
========== ========= ========= =========

(E) Depreciation and amortization expense for the fourth quarter of 2005
included $16 million of accelerated depreciation expense related to
the announced shutdown of the Los Angeles Times San Fernando Valley
printing facility.

TRIBUNE COMPANY
BUSINESS SEGMENT DATA (Unaudited)
(In thousands)

FULL YEAR
----------------------------------
%
PUBLISHING 2005 2004 Change
--------- --------- ------
Operating Revenues $ 4,096,850 $ 4,129,850 (0.8)
Cash Operating Expenses(A)(B) (3,146,211) (3,224,614) (2.4)
--------- ---------
Operating Cash Flow(C)(D) 950,639 905,236 5.0
Depreciation and
Amortization Expense(E) (190,926) (179,029) 6.6
--------- ---------
Total Operating Profit(D) $ 759,713 $ 726,207 4.6
========= =========
BROADCASTING AND ENTERTAINMENT

Operating Revenues
Television $ 1,250,155 $ 1,353,618 (7.6)
Radio/Entertainment 248,612 242,779 2.4
--------- ---------
Total Operating Revenues 1,498,767 1,596,397 (6.1)

Cash Operating Expenses(A)(B)
Television (801,213) (780,540) 2.6
Radio/Entertainment (209,767) (219,132) (4.3)
--------- ---------
Total Cash Operating
Expenses (1,010,980) (999,672) 1.1

Operating Cash Flow(C)(D)
Television 448,942 573,078 (21.7)
Radio/Entertainment 38,845 23,647 64.3
--------- ---------
Total Operating Cash Flow 487,787 596,725 (18.3)

Depreciation and
Amortization Expense
Television (45,853) (47,340) (3.1)
Radio/Entertainment (5,411) (5,085) 6.4
--------- ---------
Total Depreciation and
Amortization Expense (51,264) (52,425) (2.2)

Operating Profit(D)
Television 403,089 525,738 (23.3)
Radio/Entertainment 33,434 18,562 80.1
--------- ---------
Total Operating Profit $ 436,523 $ 544,300 (19.8)
========= =========
CORPORATE EXPENSES

Operating Cash Flow(B)(C)(D) $ (47,783)$ (50,583) (5.5)
Depreciation and Amortization Expense (1,630) (1,635) (0.3)
--------- ---------
Total Operating Loss(D) $ (49,413)$ (52,218) (5.4)
========= =========
CONSOLIDATED

Operating Revenues $ 5,595,617 $ 5,726,247 (2.3)
Cash Operating Expenses(A)(B) (4,204,974) (4,274,869) (1.6)
--------- ---------
Operating Cash Flow(C)(D) 1,390,643 1,451,378 (4.2)
Depreciation and
Amortization Expense(E) (243,820) (233,089) 4.6
--------- ---------
Total Operating Profit(D) $ 1,146,823 $ 1,218,289 (5.9)
========= =========

(A) The Company uses cash operating expenses to evaluate internal
performance. The Company has presented cash operating expenses
because it is a common measure used by rating agencies, financial
analysts and investors. Cash operating expense is not a measure of
financial performance under generally accepted accounting principles
("GAAP") and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP.

Following is a reconciliation of operating expenses to cash operating
expenses for the full year 2005:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating expenses $3,337,137 $ 1,062,244 $ 49,413 $ 4,448,794
Less: depreciation
and amortization
expense 190,926 51,264 1,630 243,820
---------- --------- --------- ---------
Cash operating
expenses $3,146,211 $ 1,010,980 $ 47,783 $ 4,204,974
========== ========= ========= =========

Following is a reconciliation of operating expenses to cash operating
expenses for the full year 2004:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating expenses $3,403,643 $ 1,052,097 $ 52,218 $ 4,507,958
Less: depreciation
and amortization
expense 179,029 52,425 1,635 233,089
---------- --------- --------- ---------
Cash operating
expenses $3,224,614 $ 999,672 $ 50,583 $ 4,274,869
========== ========= ========= =========

(B) Cash operating expenses for the full year 2005 included a charge
of $6 million related to the announced shutdown of the Los
Angeles Times San Fernando Valley printing facility, a charge of
$45 million ($43 million at publishing, $1 million at broadcasting &
entertainment and $1 million at corporate) related to the elimination
of approximately 900 positions, and a pension curtailment gain of
$18 million ($13 million at publishing, $1 million at broadcasting &
entertainment and $4 million at corporate). Publishing cash operating
expenses for the full year 2004 included a charge of $41 million for
the elimination of approximately 600 positions in the publishing
group. Publishing cash operating expenses for the full year 2004 also
included a charge of $90 million related to the anticipated settlement
with advertisers regarding misstated circulation at Newsday and Hoy,
New York.

(C) Operating cash flow is defined as operating profit before depreciation
and amortization. The Company uses operating cash flow along with
operating profit and other measures to evaluate the financial
performance of the Company's business segments. The Company has
presented operating cash flow because it is a common alternative
measure of financial performance used by rating agencies, financial
analysts and investors. These groups use operating cash flow along
with other measures as a way to estimate the value of a company. The
Company's definition of operating cash flow may not be consistent with
that of other companies. Operating cash flow does not represent cash
provided by operating activities as reflected in the Company's
consolidated statements of cash flows, is not a measure of financial
performance under GAAP and should not be considered in isolation or as
a substitute for measures of performance prepared in accordance with
GAAP.

(D) Operating profit for each segment excludes interest and dividend
income interest expense, equity income and losses, non-operating items
and income taxes.

Following is a reconciliation of operating profit(loss) to operating
cash flow for the full year 2005:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating profit
(loss) $ 759,713 $ 436,523 $ (49,413)$ 1,146,823
Add back: depreciation
and amortization
expense 190,926 51,264 1,630 243,820
---------- --------- --------- ---------
Operating cash flow $ 950,639 $ 487,787 $ (47,783)$ 1,390,643
========== ========= ========= =========

Following is a reconciliation of operating profit(loss) to operating
cash flow for the full year 2004:

Publishing B&E Corporate Consol.
---------- --------- --------- ---------
Operating profit
(loss) $ 726,207 $ 544,300 $ (52,218)$ 1,218,289
Add back: depreciation
and amortization
expense 179,029 52,425 1,635 233,089
---------- --------- --------- ---------
Operating cash flow $ 905,236 $ 596,725 $ (50,583)$ 1,451,378
========== ========= ========= =========

(E) Depreciation and amortization expense for the full year 2005 included
$16 million of accelerated depreciation expense related to the
announced shutdown of the Los Angeles Times San Fernando Valley
printing facility.

TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
(In thousands)

Fourth Quarter (13 weeks) Year-to-Date (52 weeks)
2005 2004 % 2005 2004 %
---------- ---------- --- ---------- ---------- ---
Publishing
----------
Advertising
Retail $ 380,497 $ 395,575 (3.8) $ 1,323,547 $ 1,330,951 (0.6)
National 211,433 222,759 (5.1) 774,093 802,530 (3.5)
Classified 268,458 260,710 3.0 1,146,460 1,095,012 4.7
---------- ---------- ---------- ----------
Sub-Total 860,388 879,044 (2.1) 3,244,100 3,228,493 0.5
Circulation 148,057 154,766 (4.3) 596,163 643,947 (7.4)
Other 63,915 65,136 (1.9) 256,587 257,410 (0.3)
---------- ---------- ---------- ----------
Segment
Total(A) 1,072,360 1,098,946 (2.4) 4,096,850 4,129,850 (0.8)
---------- ---------- ---------- ----------
Broadcasting &
Entertainment
--------------
Television 318,912 352,437 (9.5) 1,250,155 1,353,618 (7.6)
Radio/Enter. 23,723 32,765 (27.6) 248,612 242,779 2.4
---------- ---------- ---------- ----------
Segment Total 342,635 385,202 (11.1) 1,498,767 1,596,397 (6.1)
---------- ---------- ---------- ----------
Consol.
Rev. $1,414,995 $1,484,148 (4.7) $ 5,595,617 $ 5,726,247 (2.3)
========== ========== ========== ==========

(A) Publishing advertising and other revenues for 2004 have been
reclassified to conform with the 2005 presentation. There was no
effect on total revenues.

TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited)(A)
(In thousands)

Fourth Quarter (13 weeks) Year-to-Date (52 weeks)
2005 2004 % 2005 2004 %
---------- ---------- --- ---------- ---------- ---
Full Run
--------
L.A. Times 620 692 (10.4) 2,256 2,477 (8.9)
Chicago Tribune 583 572 1.9 2,129 2,166 (1.7)
Newsday 376 398 (5.5) 1,523 1,560 (2.4)
Other
Dailies (B) 3,632 3,647 (0.4) 13,869 14,260 (2.7)
---------- ---------- ---------- ----------
Total 5,211 5,309 (1.8) 19,777 20,463 (3.4)
========== ========== ========== ==========

Part Run
--------
L.A. Times 1,280 1,486 (13.9) 5,319 5,914 (10.1)
Chicago Tribune 1,551 1,646 (5.8) 6,497 6,464 0.5
Newsday 502 516 (2.7) 2,041 1,936 5.4
Other
Dailies (B) 1,563 1,636 (4.5) 6,255 6,261 (0.1)
---------- ---------- ---------- ----------
Total 4,896 5,284 (7.3) 20,112 20,575 (2.3)
========== ========== ========== ==========

Total Advertising Inches
------------------------
Full Run
Retail 1,726 1,852 (6.8) 5,980 6,200 (3.5)
National 1,033 1,085 (4.8) 3,774 3,998 (5.6)
Classified 2,452 2,372 3.4 10,023 10,265 (2.4)
---------- ---------- ---------- ----------
Sub-Total 5,211 5,309 (1.8) 19,777 20,463 (3.4)
Part Run 4,896 5,284 (7.3) 20,112 20,575 (2.3)
---------- ---------- ---------- ----------
Total 10,107 10,593 (4.6) 39,889 41,038 (2.8)
========== ========== ========== ==========

Preprint Pieces
---------------
L.A. Times 1,141,316 1,091,771 4.5 3,937,345 3,622,143 8.7
Chicago
Tribune 1,165,239 1,129,155 3.2 4,219,676 3,989,953 5.8
Newsday 640,781 825,687 (22.4) 2,600,810 2,874,383 (9.5)
Other
Dailies (B) 1,191,202 1,232,271 (3.3) 4,171,216 4,193,530 (0.5)
---------- ---------- ---------- ----------
Total 4,138,538 4,278,884 (3.3) 14,929,047 14,680,009 1.7
========== ========== ========== ==========

(A) Volume for 2004 has been modified to conform with the 2005
presentation. Volume is based on preliminary internal data, which may
be updated in subsequent reports. Advertising volume is presented
only for daily newspapers.

(B) Other daily newspapers include The Baltimore Sun, South Florida Sun-
Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call,
Daily Press, The Advocate, Greenwich Time, Hoy, New York, Hoy,
Chicago, and Hoy, Los Angeles.

TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
(In thousands)

Period 12 (5 weeks) Year-to-Date (52 weeks)
2005 2004 % 2005 2004 %
---------- ---------- --- ---------- ---------- ---
Publishing
----------
Advertising
Retail $ 166,216 $ 175,415 (5.2) $ 1,323,547 $ 1,330,951 (0.6)
National 81,575 90,270 (9.6) 774,093 802,530 (3.5)
Classified 85,434 83,323 2.5 1,146,460 1,095,012 4.7
---------- ---------- ---------- ----------
Sub-Total 333,225 349,008 (4.5) 3,244,100 3,228,493 0.5
Circulation 56,418 58,479 (3.5) 596,163 643,947 (7.4)
Other 23,371 23,694 (1.4) 256,587 257,410 (0.3)
---------- ---------- ---------- ----------
Segment
Total(A) 413,014 431,181 (4.2) 4,096,850 4,129,850 (0.8)
---------- ---------- ---------- ----------
Broadcasting &
Entertainment
--------------
Television 119,920 133,383 (10.1) 1,250,155 1,353,618 (7.6)
Radio/Enter. 6,056 9,661 (37.3) 248,612 242,779 2.4
---------- ---------- ---------- ----------
Segment Total 125,976 143,044 (11.9) 1,498,767 1,596,397 (6.1)
---------- ---------- ---------- ----------
Consol.
Rev. $ 538,990 $ 574,225 (6.1) $ 5,595,617 $ 5,726,247 (2.3)
========== ========== ========== ==========

(A) Publishing advertising and other revenues for 2004 have been
reclassified to conform with the 2005 presentation. There was no
effect on total revenues.

TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited)(A)
(In thousands)

Period 12 (5 weeks) Year-to-Date (52 weeks)
2005 2004 % 2005 2004 %
Full Run ---------- ---------- --- ---------- ---------- ---
--------
L.A. Times 266 309 (13.9) 2,256 2,477 (8.9)
Chicago Tribune 211 217 (2.8) 2,129 2,166 (1.7)
Newsday 138 147 (6.1) 1,523 1,560 (2.4)
Other
Dailies (B) 1,393 1,387 0.4 13,869 14,260 (2.7)
---------- ---------- ---------- ----------
Total 2,008 2,060 (2.5) 19,777 20,463 (3.4)
========== ========== ========== ==========
Part Run
--------
L.A. Times 460 531 (13.4) 5,319 5,914 (10.1)
Chicago Tribune 540 542 (0.4) 6,497 6,464 0.5
Newsday 163 180 (9.4) 2,041 1,936 5.4
Other
Dailies (B) 586 600 (2.3) 6,255 6,261 (0.1)
---------- ---------- ---------- ----------
Total 1,749 1,853 (5.6) 20,112 20,575 (2.3)
========== ========== ========== ==========

Total Advertising Inches
------------------------
Full Run
Retail 773 820 (5.7) 5,980 6,200 (3.5)
National 401 433 (7.4) 3,774 3,998 (5.6)
Classified 834 807 3.3 10,023 10,265 (2.4)
---------- ---------- ---------- ----------
Sub-Total 2,008 2,060 (2.5) 19,777 20,463 (3.4)
Part Run 1,749 1,853 (5.6) 20,112 20,575 (2.3)
---------- ---------- ---------- ----------
Total 3,757 3,913 (4.0) 39,889 41,038 (2.8)
========== ========== ========== ==========

Preprint Pieces
---------------
L.A. Times 511,690 484,542 5.6 3,937,345 3,622,143 8.7
Chicago
Tribune 494,259 488,446 1.2 4,219,676 3,989,953 5.8
Newsday 268,037 361,946 (25.9) 2,600,810 2,874,383 (9.5)
Other
Dailies (B) 528,104 554,836 (4.8) 4,171,216 4,193,530 (0.5)
---------- ---------- ---------- ----------
Total 1,802,090 1,889,770 (4.6) 14,929,047 14,680,009 1.7
========== ========== ========== ==========

(A) Volume for 2004 has been modified to conform with the 2005
presentation. Volume is based on preliminary internal data, which may
be updated in subsequent reports. Advertising volume is presented
only for daily newspapers.

(B) Other daily newspapers include The Baltimore Sun, South Florida Sun-
Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call,
Daily Press, The Advocate, Greenwich Time, Hoy, New York, Hoy,
Chicago, and Hoy, Los Angeles.

Source: Tribune Company

CONTACT: Media Contact, Gary Weitman, +1-312-222-3394 (office),
+1-312-222-1573 (fax), gweitman@tribune.com , or Investor Contact, 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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