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Tribune Updates Strategic Review Process
CHICAGO, November
28, 2006 -- Tribune Company (NYSE: TRB) today announced
an update to its strategic review process.
"This process has generated strong interest
from a number of parties," said Dennis FitzSimons, Tribune
chairman, president and chief executive officer. "Advisors
to both the company and the independent special committee
of the board have recommended that the review process be
extended to ensure thorough consideration of all proposals."
William A. Osborn, Tribune’s lead director
and chairman of the board’s independent special committee
said, "We are committed to a complete review process that
will yield maximum value for all Tribune shareholders. We
anticipate a final recommendation to the full board during
the first quarter of 2007."
Separately, the company said that the FCC has approved the
sales of WCWN-TV in Albany and WLVI-TV in Boston. Both transactions
are expected to close in December and are part of a performance
improvement plan announced earlier this year. To date, the
company has sold or agreed to sell approximately $450 million
of non-core assets.
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TRIBUNE (NYSE:TRB) is one of the country’s
top media companies, operating businesses in publishing,
interactive 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’s leading
daily newspapers include the Los Angeles Times, Chicago Tribune,
Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida
Sun-Sentinel, Orlando Sentinel and Hartford Courant. The
company’s broadcasting group operates 25 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. |
