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Tribune Revenues Down 11.1% in May
Publishing Advertising Revenues
Decline 11.8%
Television Revenues Down 11.0%
CHICAGO,
June 20, 2007 -- Tribune Company
(NYSE: TRB) today reported its summary of revenues and newspaper
advertising volume for period 5, ended May 27. Consolidated
revenues for the period were $406 million, down 11.1 percent
from last year’s
$457 million.
Publishing revenues in May were $292
million compared with $325 million last year, down 10.3
percent. Advertising
revenues decreased 11.8 percent to $230 million, compared
with $261 million in May 2006.
- Retail advertising revenues decreased
1.0 percent with weakness in the amusement category partially
offset by strength in the home furnishings and specialty
merchandise categories. Preprint revenues, which
are principally included in retail, were flat for the
period.
- National advertising revenues declined 17.9 percent,
with most categories down for the period.
- Classified advertising revenues decreased
20.0 percent. Real
estate fell 30 percent with significant declines in the
Florida markets, Chicago and Los Angeles due to difficult
year-over-year comparisons. Help wanted declined
20 percent and automotive decreased 7 percent. Interactive
revenues, which are primarily included in classified, were
$22 million, up 22 percent, due to growth in all categories.
Circulation revenues were down 6.2 percent due to single-copy
declines and continued selective discounting in home delivery.
Broadcasting and entertainment group
revenues in May decreased 13.0 percent to $114 million
compared with $131 million last year. Television revenues fell 11.0 percent, with lower
automotive, movie and political advertising partially offset
by strength in the retail and telecom/wireless categories. Results
also reflected fewer Cubs home games in the period versus
last year.
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Tribune Company (NYSE: TRB) will announce
second quarter 2007 earnings on Wednesday, July 25, before
the NYSE opening. The full text of the earnings announcement
and accompanying financial tables will be available on Tribune’s
website, www.tribune.com. There will not be a conference
call.
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Important Additional Information Regarding the Merger will
be filed with the SEC:
In connection with the proposed
merger between a wholly-owned subsidiary of the Tribune
Employee Stock Ownership Trust and Tribune Company, Tribune
filed a preliminary proxy statement with the Securities
and Exchange Commission (the “SEC”)
on June 1, 2007. BEFORE MAKING ANY VOTING DECISION WITH RESPECT
TO THE PROPOSED MERGER, INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE PRELIMINARY PROXY STATEMENT FILED WITH
THE SEC ON JUNE 1, 2007 AND THE DEFINITIVE PROXY STATEMENT
WHEN IT BECOMES AVAILABLE, BECAUSE THEY CONTAIN, OR WILL
CONTAIN, IMPORTANT INFORMATION. Investors and security holders
may obtain a free copy of the preliminary proxy statement
and the definitive proxy statement (when available) and other
documents filed by the Company with the SEC at the SEC’s
website at http://www.sec.gov. The preliminary proxy statement
and the definitive proxy statement (when available) and other
relevant documents may also be obtained free of charge on
Tribune’s website at www.tribune.com or by directing
a request to Tribune Company, 435 North Michigan Avenue,
Chicago, IL 60611, Attention: Investor Relations. You may
also read and copy any reports, statements and other information
filed by Tribune with the SEC at the SEC public reference
room at 450 Fifth Street, N.W. Room 1200, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 or visit the
SEC’s website for further information on its public
reference room.
The Company and its directors
and executive officers may be deemed to be “participants” in the solicitation
of proxies from the shareholders of the Company in connection
with the proposed merger. Information about Tribune and its
directors and executive officers and their ownership of Tribune
common stock is set forth in the proxy statement for Tribune's
Annual Meeting of Shareholders, which was filed with the
SEC on April 6, 2007. Shareholders and investors may obtain
additional information regarding the interests of the Company
and its directors and executive officers in the merger, which
may be different than those of the Company’s shareholders
generally, by reading the preliminary proxy statement filed
with the SEC on June 1, 2007 and the definitive proxy statement
(when available) and other relevant documents regarding the
merger that are filed with the SEC.
Forward-Looking Statements
This press release contains certain
comments or forward-looking statements that are based largely
on the company’s
current expectations and are subject to certain risks, trends
and uncertainties. You can identify these and other forward
looking statements by the use of such words as “will,” “expect,” “plans,” “believes,” “estimates,” “intend,” “continue,” or
the negative of such terms, or other comparable terminology.
Forward-looking statements also include the assumptions underlying
or relating to any of the foregoing statements. Actual results
could differ materially from the expectations expressed in
these statements. Factors that could cause actual results
to differ include risks related to the transactions being
consummated; the risk that required regulatory approvals
or financing might not be obtained in a timely manner, without
conditions, or at all; the impact of the substantial indebtedness
incurred to finance the consummation of the tender offer
and the merger; the ability to satisfy all closing conditions
in the definitive agreements; difficulties in retaining employees
as a result of the merger agreement; risks of unforeseen
material adverse changes to our business or operations; risks
that the proposed transaction disrupts current plans, operations,
and business growth initiatives; the risk associated with
the outcome of any legal proceedings that may be instituted
against Tribune and others following announcement of the
merger agreement; and other factors described in Tribune’s
publicly available reports filed with the Securities and
Exchange Commission ("SEC"), including the most
current annual 10-K report and quarterly 10-Q report, which
contain a discussion of various factors that may affect Tribune’s
business or financial results. These factors, including also
the ability to complete the merger, could cause actual future
performance to differ materially from current expectations.
Tribune Company is not responsible for updating the information
contained in this press release beyond the published date,
or for changes made to this document by wire services or
Internet service providers. Tribune’s next quarterly
10-Q report to be filed with the SEC may contain updates
to the information included in this release.
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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. |
