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Tribune
Finalizes Settlement in Matthew Bender Tax Case, Receives Refund
CHICAGO,
October 1, 2007 -- Tribune Company
(NYSE:TRB) today announced that the company has finalized
the settlement of its appeal of the 2005 Tax Court decision
disallowing the tax free reorganization of Matthew Bender,
a former subsidiary of The Times Mirror Company.
As a result of the settlement, Tribune has received a refund
of federal income taxes and interest of approximately $344
million resulting from payments previously made for both
the Matthew Bender transaction and a similar transaction
completed by Times Mirror. After consideration of income
taxes on the interest received, the net cash proceeds are
approximately $286 million.
Tribune acquired Times Mirror in June 2000, and inherited
the preexisting tax dispute at that time.
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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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