Tribune Company Updates Strategic Review Process

Tribune Company Updates Strategic Review Process

CHICAGO, Jan. 20 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) said today that the independent special committee of its board of directors is continuing its strategic review following the submission of proposals from prospective investors.

"The committee is actively engaged in the review process," said William A. Osborn, Tribune's lead independent director and chairman of the special committee. "Assisted by our outside legal and financial advisors, we are carefully considering all alternatives for creating additional shareholder value. These alternatives include potential transactions involving third parties as well as actions the company may take alone."

In September, the company announced the formation of the independent special committee to oversee management's exploration of strategic alternatives for creating additional shareholder value. The committee will make a recommendation to the full board of directors. The board has said it expects to announce a decision during the first quarter of 2007.

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 23 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: GWEITMAN@TRIBUNE.COM

Source: Tribune Company

CONTACT: MEDIA: Gary Weitman, office - +1-312-222-3394,
gweitman@tribune.com; INVESTORS: Ruthellyn Musil, office - +1-312-222-3787,
rmusil@tribune.com, both of Tribune Company, fax - +1-312-222-1573

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

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