Tribune Completes Sale of WATL-TV, Atlanta

Tribune Completes Sale of WATL-TV, Atlanta

CHICAGO, Aug. 7 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today announced that it has completed the sale of WATL-TV (channel 36), Atlanta, to Gannett Co., Inc., for $180 million in cash. Tribune acquired a minority stake in WATL in 1995 and obtained full ownership of the station in 2000 as part of its acquisition of Qwest Broadcasting.

The sale of WATL is part of Tribune's performance improvement plan announced May 30. The plan includes at least $500 million in asset sales and approximately $300 million has been identified so far. In addition to WATL, Tribune last month sold 2.8 million shares of Time Warner common stock for net proceeds of approximately $46 million. In June, the company announced the sale of WCWN-TV, Albany, for $17 million. Bids are now being received for the San Fernando property where a Los Angeles Times printing facility was closed earlier this year.

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 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. The company's broadcasting group operates 25 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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