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Tribune Updates Business Trends at
Media Conference
CHICAGO, February 28, 2005 --
Tribune Company (NYSE:TRB) executives
today discussed business trends and strategy at the Bear
Stearns Annual Media Conference. Dennis FitzSimons, Tribune
chairman, president and chief executive officer, and Scott
Smith, Tribune Publishing president, addressed developments
at the company’s
business units and reaffirmed the company’s priorities
for 2005.
"We will generate significant cash flow,
which should grow modestly over last year’s $1.6 billion,
and nearly 50 percent of that will convert to free cash flow,"
said FitzSimons. "Our focus right now is on organic
growth and improving bottom-line results. We’re very
positive about Tribune’s prospects over the long term."
FitzSimons said January was a good month
for publishing ad revenue, but that trends were still choppy
and that comparisons would get tougher in February and
March. He noted that circulation revenue weakness would
moderate publishing growth in the first quarter, but that
trends would improve in the second half of 2005. FitzSimons
added that TV advertising is generally soft across the
industry and that Tribune first quarter pacing is down
in the mid-single digits. He said the broadcasting division
was pleased with the growth of Superstation WGN and is
anticipating the debut of "Sex and the City" on
its stations later this year.
Growing responsive readership and online
audiences at the company’s newspapers and web sites
are top priorities for Tribune Publishing this year and
beyond. Said Smith, "Whether it’s our daily
newspapers, our targeted publications or our web sites,
our goals are the same: to grow the frequency with which
consumers turn to us, their loyalty to our brands, and
their interest in the advertising messages we deliver."
Smith highlighted the Chicago Tribune’s
recently launched "Subscriber Advantage" program
as an innovative way to build loyalty among readers of the
newspaper. "Subscriber
Advantage benefits include advertiser events and discounts,
editorial forums, an information hotline and online content
available only to subscribers," said Smith. "We’re
encouraged by the early results -- January traffic to
chicagotribune.com was a record 53.5 million page views."
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TRIBUNE (NYSE: TRB) is one of the country’s
top media companies, operating businesses in publishing 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 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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