Tribune Declares Quarterly Dividend

Tribune Declares Quarterly Dividend

Independent Special Committee Names Morgan Stanley as Financial Advisor

CHICAGO, Oct. 18 /PRNewswire-FirstCall/ -- Tribune Company's board of directors today declared a regular quarterly dividend of $.18 per share on common stock payable on Dec. 14, 2006, to shareholders of record at the close of business Nov. 30, 2006. The board took the action at today's regularly scheduled meeting.

In other news, the board's independent special committee said today that it has retained Morgan Stanley as its financial advisor. The committee was formed on September 21, to oversee management's exploration of strategic alternatives for creating additional shareholder value.

TRIBUNE (NYSE:TRB) is one of the country's top media companies, operating businesses in publishing, interactive 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's leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and Hartford Courant. 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.

First Call Analyst:
FCMN Contact: jreiter@tribune.com

Source: Tribune Company

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

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

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