| 
Tribune Publishing Expands Investment
in amNewYork
Company’s
ownership in free newspaper now 100%
Christopher Barnes Named Publisher
CHICAGO,
August 31, 2006 -- Tribune Publishing,
a division of Tribune Company (NYSE:TRB), today announced
that it has acquired the minority equity interest in amNewYork.
Tribune now has full ownership in the free quick-read daily
newspaper that launched in October 2003. Terms of the transaction
were not disclosed.
"This move demonstrates our commitment
to investing in high-growth publications and will build Tribune’s
position in the nation’s top market," said Scott
Smith, Tribune Publishing president. "Readership for
amNewYork is strong, and we expect the newspaper to be profitable
in 2006 thanks to excellent advertiser support."
The minority equity interest acquired was held by a management
group led by amNewYork co-founder Russel Pergament. Under
the agreement signed in 2003, Tribune had rights to purchase
the additional interest after three years.
Christopher Barnes, amNewYork general manager and co-founder,
becomes publisher, succeeding Pergament, who, as anticipated,
will transition to a consulting role.
Approximately 320,000 copies of amNewYork are distributed
free of charge Monday through Friday in and around New York
City. The newspaper, available online at www.amny.com, is
printed by Long Island-based Newsday.
:: ::
::
Tribune Publishing is the leading
U.S. major-market newspaper group. Daily newspapers include:
Los Angeles Times; Chicago Tribune; Newsday (Long Island,
N.Y.); The Sun (Baltimore); South Florida Sun-Sentinel;
Orlando Sentinel; Hartford Courant; The Morning Call (Allentown,
Pa.); Daily Press (Newport News, Va.); The Advocate (Stamford,
Conn.); Greenwich Time (Greenwich, Conn.); RedEye (Chicago)
and amNewYork. In addition, Spanish-language Hoy is published
in New York, Los Angeles and Chicago. Other Tribune Publishing
businesses are: Tribune Interactive, operator of more than
50 websites attracting 14 million unique visitors per month;
Tribune Media Services, a provider of syndicated content
to print and electronic media; and CLTV, a Chicago cable
news channel. Key investment interests are CareerBuilder
(42% owned), Classified Ventures (28%), ShopLocal (42%)
and Topix.net (32%). |
