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Tribune Company Updates Strategic Review Process
CHICAGO,
January 20, 2007 -- Tribune Company (NYSE:TRB) said today that the independent special committee of its board of directors is continuing its strategic review following the submission of proposals from prospective investors.
"The committee is actively engaged in
the review process," said William A. Osborn, Tribune’s
lead independent director and chairman of the special committee.
"Assisted by our outside legal and financial advisors, we
are carefully considering all alternatives for creating additional
shareholder value. These alternatives include potential transactions
involving third parties as well as actions the company may
take alone."
In September, the company announced the formation of the independent special committee to oversee management’s exploration of strategic alternatives for creating additional shareholder value. The committee will make a recommendation to the full board of directors. The board has said it expects to announce a decision during the first quarter of 2007.
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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 23 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. |
