Tribune Revenues Down 5.2% In August

Tribune Revenues Down 5.2% In August

Publishing Revenues Decline 6.1%; Television Revenues Down 4.6%

CHICAGO, Sept. 20 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today reported its summary of revenues and newspaper advertising volume for period 8, ended Sept. 2, 2007. Consolidated revenues for the period were $391 million, down 5.2 percent from last year's $413 million.

Publishing revenues in August were $271 million compared with $288 million last year, down 6.1 percent. Advertising revenues decreased 7.2 percent to $210 million, compared with $226 million in August 2006.

   -- Retail advertising revenues increased 0.6 percent with the largest      increases in the hardware/home improvement stores, food and drug stores      and home furnishings categories, partially offset by declines in the      department stores and amusements categories.  Preprint revenues, which      are principally included in retail, were up 1.9 percent for the period.   -- National advertising revenues increased 2.8 percent, with increases in      financial, telecom/wireless and media, partially offset by declines in      the resorts and auto categories.   -- Classified advertising revenues decreased 20.1 percent.  Real estate      fell 30.4 percent with the most significant declines in Los Angeles,      the Florida markets and Chicago due to difficult year-over-year      comparisons.  Help wanted declined 21.7 percent and automotive      decreased 7.1 percent.  Interactive revenues, which are primarily      included in classified, were $21 million, up 15 percent, due to growth      in most categories.    

Circulation revenues were down 4.8 percent due to single-copy declines and continued selective discounting in home delivery.

Broadcasting and entertainment group revenues in August were $121 million, down 3.0 percent, as declines in television and Cubs revenues were partially offset by higher revenue at Tribune Entertainment. Television revenues fell 4.6 percent, with lower movies, political and restaurant/fast food, partially offset by strength in the automotive, health care/pharmacy and telcom categories.

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.

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 proposed leveraged ESOP 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, or to be incurred, to finance the proposed leveraged ESOP transactions; the ability to satisfy all closing conditions in the definitive agreements relating to the proposed leveraged ESOP transactions; difficulties in retaining employees as a result of the proposed leveraged ESOP transactions; risks of unforeseen material adverse changes to our business or operations; risks that the proposed leveraged ESOP transactions disrupt 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 relating to the proposed leveraged ESOP transactions; and other factors described in Tribune's publicly available reports filed with the 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 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.

                              TRIBUNE COMPANY      SUMMARY OF REVENUES AND NEWSPAPER ADVERTISING VOLUME (Unaudited)                    For Period 8 Ended September 2, 2007                               (In thousands)                            Period 8 (4 weeks)       Year to Date (35 weeks)                         --------------------     -------------------------                                          %                            %                       2007      2006   Change     2007       2006   Change                     --------  -------- ------   --------   -------- ------   Publishing (A)     Advertising       Retail        $91,651   $91,097    0.6    $798,095   $822,983  (3.0)       National       46,700    45,408    2.8     437,965    462,359  (5.3)       Classified     71,773    89,870  (20.1)    672,717    806,460 (16.6)                   --------- ---------        ----------  ----------       Sub-Total     210,124   226,375   (7.2)  1,908,777  2,091,802  (8.7)     Circulation      39,668    41,679   (4.8)    355,848    378,753  (6.0)     Other            20,835    20,304    2.6     177,183    168,285   5.3                   --------- ---------         ---------- ----------     Segment Total   270,627   288,358   (6.1)  2,441,808  2,638,840  (7.5)                   --------- ---------         ---------- ----------   Broadcasting &    Entertainment     Television (B)   83,933    87,941   (4.6)    731,367    763,125  (4.2)     Radio/      Entertainment   36,603    36,282    0.9     212,563    184,972  14.9                   --------- ---------         ---------- ----------     Segment Total   120,536   124,223   (3.0)    943,930    948,097  (0.4)                   --------- ---------         ---------- ----------   Consolidated    Revenues    (A)(B)          $391,163  $412,581   (5.2) $3,385,738 $3,586,937  (5.6)                   ========= =========         ========== ==========   Total Advertising    Inches (A)(C)     Full Run       Retail            374       363    3.0       3,354      3,373  (0.6)       National          202       205   (1.5)      1,792      2,039 (12.1)       Classified        613       688  (10.9)      5,477      6,537 (16.2)                   --------- ---------         ---------- ----------       Sub-Total       1,189     1,256   (5.3)     10,623     11,949 (11.1)     Part Run          1,365     1,603  (14.8)     12,486     14,132 (11.6)                   --------- ---------         ---------- ----------     Total             2,554     2,859  (10.7)     23,109     26,081 (11.4)                   ========= =========         ========== ==========    Preprint Pieces    (A)(C)         1,068,177 1,088,605   (1.9)  9,377,156  9,245,005   1.4                   ========= =========         ========== ==========    (A)  In May 2007, the Company completed the sale of its New York edition        of Hoy. In March 2007, Tribune announced its intentions to sell the        Southern Connecticut Newspapers-The Advocate (Stamford) and Greenwich        Times (collectively "SCNI").  The Company expects to sell SCNI during        the second half of 2007. For both years, results for these newspapers        are excluded from this presentation.    (B)  Excludes results from discontinued operations that were sold in 2006        (WATL-TV, Atlanta, WLVI-TV, Boston and WCWN-TV, Albany).    (C)  Volume for 2006 has been modified to conform with the 2007        presentation.  Volume includes only the daily newspapers and is based        on preliminary internal data, which may be updated in subsequent        reports.  

First Call Analyst:
FCMN Contact: jreiter@tribune.com

Source: Tribune Company

CONTACT: Media, Gary Weitman, +1-312-222-3394 (Office), +1-312-222-1573
(Fax), gweitman@tribune.com, or Investors, Ruthellyn Musil, +1-312-222-3787
(Office), +1-312-222-1573 (Fax), rmusil@tribune.com, both of Tribune Company

Web site: http://www.tribune.com/

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Profile: International Entertainment