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Tribune to Increase Dividend
50
Percent
Quarterly Dividend
Raised To $.18 Per Share
Company Promotes Two Executives
CHICAGO, February 8, 2005 --
Tribune Company’s board of directors
today voted to increase the company’s quarterly dividend
50 percent, from $.12 to $.18 per share. The dividend is
payable on March 10, 2005, to shareholders of record on February
24, 2005.
"Tribune will generate more than $800
million in free cash flow in 2005," said Dennis FitzSimons,
Tribune chairman, president and chief executive officer.
"Increasing the dividend, along with our ongoing share repurchase
program, is evidence of our strong financial position and
our commitment to returning value to our shareholders." The
company has $600 million remaining on its current authorization
for share repurchase.
In other action at today’s regularly scheduled meeting,
the board promoted Thomas Leach to senior vice president/development
and named Harry Amsden vice president/corporate compliance
and risk management. Leach has been with the company since
1986, and has served as Tribune’s vice president/development
since February 2004. Amsden also joined Tribune in 1986,
and has been assistant controller for the company since 2000.
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TRIBUNE (NYSE: TRB) is one of the country’s
top 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 11 leading daily newspapers
including the Los Angeles Times, Chicago Tribune and Newsday,
plus a wide range of targeted publications such as Spanish-language
Hoy. The company’s broadcasting group operates 26 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.
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