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Tribune Updates Business Progress at
Mid-Year Media Review
Company highlights growth
strategies
CHICAGO, June 24, 2003 --
Tribune Company (NYSE:TRB) executives provided an update on
business at the Mid-Year Media Review in New York City earlier
this afternoon. President and Chief Executive Officer Dennis
FitzSimons addressed the company’s overall strategy,
while Tribune Publishing President Jack Fuller reviewed newspaper
operations and Tribune Broadcasting President Pat Mullen highlighted
progress in the broadcasting group.
"Tribune’s financial performance
has been strong during the first five months of this year,
particularly in April and May," said FitzSimons. "Positive
trends continue in June and although comparisons will get
tougher, the resiliency of our media businesses and our major
market focus puts the company in position for continued growth."
FitzSimons said the company’s key strategies include
expanding its television operations, building additional two-station
clusters in key markets and developing innovative new products
in publishing. He also emphasized the company’s continued
commitment to financial discipline.
In a press release last week, Tribune reported
consolidated revenues for May were up 6 percent compared with
the same period in 2002. For the second quarter, the company
said it expected earnings per share to be within the range
of analysts’ estimates of $.54 to $.60. At that time,
the company also reiterated that consolidated operating expenses
in the first half of 2003 would be up in the mid-single digit
range, decreasing to the low-single digits in the second half
of the year.
Jack Fuller said the company’s 12 daily newspapers expect
to take advantage of a potential upswing in help wanted advertising.
"Help wanted advertising is poised to rebound, and Tribune
Publishing is well positioned to capture more than our share
of it as it does." Fuller pointed to Tribune’s
strategy to meet the needs of job-seekers and recruitment
advertisers both in print and on line.
In television, Mullen highlighted the company’s growth
from six stations in 1991 to 26 stations in 22 markets today.
"Scale offers many competitive advantages, including
access to quality programming," said Mullen. "In
primetime, we continue to support the growth of The WB Network,
which had the best year to date increases of any network in
the recently completed upfront."
The full text of the presentation made
this afternoon will be available at www.tribune.com.
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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. In publishing, Tribune operates 12 market-leading
daily newspapers such as the Los Angeles Times, Chicago Tribune
and Newsday plus a wide range of targeted publications including
Spanish-language newspapers. In broadcasting, Tribune properties
include 26 television stations and Superstation WGN on national
cable. These publishing and broadcasting interests are complemented
by high-traffic news and information Web sites in 20 of the
nation’s top 30 markets.
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