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Tribune Updates Business at Media Conference
Expects
growth in EBITDA earnings in 2002
CHICAGO, March 5, 2002 -- Tribune
Company (NYSE:TRB) today
provided an update on the company's major market media strategy
at the Bear Stearns Media, Entertainment and Information Conference
in Palm Beach, Florida. President and Chief Operating Officer
Dennis FitzSimons and Chief Financial Officer Don Grenesko
outlined the company's business operations and financial outlook
for 2002.
"At the heart of our strategy are strong
mass media franchises which give us the ability to deliver
for advertisers," said FitzSimons. "During a recession
like this one, major markets are hardest hit, but they also
come back the strongest. And right now, business is looking
a little bit better. In newspapers, we saw sequential improvement
in February over January, and in television, March advertising
pacings are up in the mid-single digits."
FitzSimons also said that growing readership
for the company's newspapers was important and that Tribune
was developing several new tools for enhancing readership.
"One area is in-paper promotion-we're treating it more
like on-air promotion at our television stations," he
said. Readership of the Chicago Tribune was up an average
of 10% on weekdays and 2% on Sunday during the fourth quarter
of 2001.
Tribune expects to grow revenues in broadcasting
and FitzSimons mentioned several area of opportunity. He said
the company's cable operations were strong and that WGN Superstation
was now reaching more than 56 million homes nation-wide. He
also cited the performance of Tribune Entertainment, pointing
out that it was now the television industry's largest producer
of first-run "action hour" programming.
Tribune's strong cost-control initiatives implemented
during the last year have helped reduce the company's expenses.
In November, the company announced a wage freeze and salary
cuts for more than 140 executives. Tribune's cash expenses
are expected to be down 2% in 2002.
Don Grenesko offered a brief review of the
company's financial outlook saying, "With the tight cost
controls we've put in place, we expect earnings growth even
if revenues for the full year are flat." If the economy
recovers more quickly, he said, earnings would be stronger.
"We're comfortable we will be within the
current range of first quarter and full-year analysts' estimates,
with the first quarter being our toughest comparison,"
added Grenesko.
The full text of FitzSimons' and Grenesko's
remarks will be available on the Tribune Company Web site
at www.tribune.com soon.
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TRIBUNE (NYSE:
TRB) is one of the country's premier media companies,
operating businesses in broadcasting, publishing and on the
Internet. It reaches more than 80 percent of U.S. households,
and is the only media company with television stations, newspapers
and Web sites in the nation's top three markets. Tribune media
span 23 major-market television stations, including national
superstation WGN-TV; 12 market-leading daily newspapers, including
the Los Angeles Times, Chicago Tribune and Newsday; and news
and information Web sites in 18 of the nation's top 30 markets.
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