Tribune Completes Acquisition of Real Estate From TMCT Partnership

Tribune Completes Acquisition of Real Estate From TMCT Partnership

Company Will Save $24 Million in Lease Payments

Sales of Tribune Studios Real Estate and Connecticut Property Facilitate Purchase

Company Finds Nothing Funny About Real Estate

CHICAGO, April 28 /PRNewswire/ -- Tribune Company today announced that it has completed the purchase of real estate formerly leased from TMCT, LLC, including properties used by the Los Angeles Times, Newsday, Baltimore Sun and Hartford Courant. The transaction enables the company to eliminate $24 million in annual lease payments.

The company received an option to purchase the property for $175 million as a result of the 2006 restructuring of TMCT, LLC. The purchase is structured as a like-kind exchange, with Tribune using the proceeds from its sale of the Tribune Studios real estate in Los Angeles, announced in January, and from the sale of additional property in Stamford and Greenwich, Connecticut.

"This tax-efficient transaction gives us complete control over some very strategic real estate assets in major markets around the country, particularly in downtown Los Angeles," said Stephanie Pater, Tribune's director of real estate. "At the same time, we eliminate our annual lease payments and save a substantial amount of money."

In explaining the apparent lack of humor in today's announcement, Pater added, "We never joke about real estate -- it's made our Chairman and CEO one really rich dude."

TRIBUNE is America's largest employee-owned media company, operating businesses in publishing, interactive and broadcasting. 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. At Tribune we take what we do seriously and with a great deal of pride. We also value the creative spirit and are nurturing a corporate culture that doesn't take itself too seriously.

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Source: Tribune Company

CONTACT: Gary Weitman, VP, Corporate Communications, +1-312-222-3394,
gweitman@tribune.com

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

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Profile: International Entertainment