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Press Release

Tribune to Retire up to $798 Million of Term Debt

Exercises Redemption Right for $400 million of 7.45% Notes due 2009

Commences Tender Offer for $148 million of 7.25% Debentures due 2013

Commences Tender Offer for $250 million of 6.61% Debentures due 2027

CHICAGO, March 18, 2004 -- Tribune Company today announced that it will redeem all of its $400 million of 7.45% Notes due 2009 and that it has commenced cash tender offers for any and all of its outstanding $148 million of 7.25% Debentures due 2013 and $250 million of 6.61% Debentures due 2027. Tribune will fund these transactions through cash from operations and commercial paper.

The following table sets forth the information for the Notes and Debentures that are subject to the redemption and tender offers:

The redemption date for the 2009 Notes is Friday, April 16, 2004. The redemption price will be determined at 5:00 p.m. New York City time on Tuesday, April 13, 2004, based on the yield to maturity of the U.S. Treasury securities with a coupon of 6% due August 15, 2009, plus a fixed spread of 15 basis points.

The tender offers for the Debentures will expire at 5:00 p.m. New York City time on Monday, March 29, 2004, unless extended or earlier terminated (as that date may be extended or earlier terminated, the "Expiration Time"). No tenders will be valid if submitted after the Expiration Time. The prices offered in each tender offer will be determined at 11:00 a.m. New York City time on Thursday, March 25, 2004. The price for the 2013 Debentures will be based on the yield to maturity of the U.S. Treasury securities with a coupon of 4% due February 2014 plus a fixed spread of 30 basis points. The price for the 2027 Debentures will be based on the yield to maturity of the U.S. Treasury securities with a coupon of 5.375% due February 2031 plus a fixed spread of 40 basis points. All payments will include accrued and unpaid interest on the principal amount tendered up to, but not including, the payment date.

Each tender offer is made with respect to one series of the Debentures and is independent of the other tender offer. Each tender offer, however, is conditioned upon satisfaction of certain conditions described in the Offer to Purchase.

Tribune may amend, extend or, subject to certain conditions, terminate the tender offers. The terms and conditions of the tender offers, including the conditions of Tribune’s obligation to accept the debentures tendered and pay the purchase price for them, are set forth in the Offer to Purchase and the related Letter of Transmittal.

Tribune has retained J.P. Morgan Securities Inc., Banc of America Securities LLC, Citigroup, Merrill Lynch & Co. and Deutsche Bank Securities as Dealer Managers in connection with the tender offers. Questions regarding the tender offer and requests for documents may be directed to J.P. Morgan Securities Inc. at 866/834-4666 (toll free) or Global Bondholder Services Corporation, the Information Agent, at 866/857-2200 (toll free).

This press release does not constitute an offer to purchase or solicitation of an offer to sell with respect to the Debentures. That offer or solicitation will be made only by means of the Offer to Purchase.

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TRIBUNE (NYSE: TRB) is one of the country's premier media companies, operating businesses in broadcasting and publishing. It reaches more than 80 percent of U.S. households and is the only media organization with television stations, newspapers and websites in the nation's top three markets. In publishing, Tribune operates 14 leading daily newspapers including the Los Angeles Times, Chicago Tribune, Newsday and Spanish-language Hoy, plus a wide range of targeted publications. The company's broadcasting group operates 26 television stations; Superstation WGN on national cable; WGN-AM in Chicago; 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.