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Tribune
Shareholders Approve Merger Agreement
CHICAGO,
August 21, 2007 -- Tribune Company
(NYSE:TRB) announced that Tribune shareholders have approved
the merger agreement entered into in connection with the company’s
previously announced going-private transaction. At the company’s
special shareholders meeting today in Chicago, approximately
97 percent of the shares voted were cast in favor of the merger.
The number of shares voted in favor of the merger represented
approximately 65 percent of the total shares outstanding and
entitled to vote at the meeting.
"We're pleased that Tribune shareholders
recognize the value of this transaction and have voted overwhelmingly
to approve it," said Dennis FitzSimons, Tribune chairman,
president and chief executive officer. "With financing
fully committed, we anticipate closing the transaction in
the fourth quarter, following FCC approval and satisfaction
of the other closing conditions."
Sam Zell said, "I believe Tribune
Company is reasserting itself as a national leader in news
generation and distribution. Despite the recent upheaval
in the credit markets, my view of the company as an investment
has not changed."
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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 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 in connection
with the merger agreement; and other factors described in
Tribune’s publicly available reports filed with the
SEC, including the most current annual 10-K and quarterly
10-Q reports, 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 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.
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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.
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