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Tribune Media Net and Target Corporation
Sign Multi-Million Dollar Advertising Agreement
Deal
intended to increase retailer's brand awareness in top three
markets
CHICAGO, April 25, 2002 -- Tribune
Media Net, the national advertising sales organization for
Tribune Company (NYSE: TRB),
announced today it has entered into a multi-million dollar
advertising agreement with Target Corporation (NYSE: TGT),
one of the nation's foremost retailers.
The agreement is designed to strengthen Target
Corporation's brand presence, sales and revenues in the nation's
top three markets. Target Corporation, which operates stores
nationally under the Target, Mervyn's and Marshall Field's
brand names, is the first retailer to enter into such a strategic
advertising alliance with Tribune Media Net.
"We believe that strong relationships
with key partners can differentiate Target's brand and add
value for our guests," said Michael Francis, Target Corporation
senior vice president, marketing. "We are consistently
challenging our media partners to think out of the box. That
is exactly what Tribune did, so this agreement will serve
as the yardstick by which we will measure corporate advertising
contracts moving forward."
Under the unique terms of the transaction,
Tribune Media Net will develop a corporate newspaper alliance
among Newsday, The Los Angeles Times and The Chicago Tribune.
Target will use the alliance to increase its presence in each
local market through innovative advertising and marketing
programs.
The program aggregates Target Corporation's
spending with those newspapers to maximize the value of the
company's advertising investment in these key markets. As
Target Corporation spends more through the alliance it realizes
financial and other incentives designed to reward the company
for its commitment to Tribune newspapers.
"Tribune is the only media company with
newspapers in the nation's top three markets so we have the
national reach that advertisers like Target Corporation need,"
said David P. Murphy, president of Tribune Media Net. "We
are proud to be working with Target to create a relationship
that gives Target the best in major market newspapers with
the opportunity for media innovation and market integration.
This is the kind of flexible, creative and rewarding advertising
relationship we envisioned when we created Tribune Media Net."
Tribune Media Net's efforts for Target Corporation
have earned it recognition as one of the company's "Vendors
of the Year: 2001." The award is given each year by Target
Corporation to those companies who best exemplify the "spirit
of partnership" expected from all vendors who do business
with the company.
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TRIBUNE (NYSE:
TRB) is one of the country's premier media companies,
operating businesses in broadcasting, publishing and on the
Internet. It reaches more than 80 percent of U.S. households,
and is the only media company with television stations, newspapers
and Web sites in the nation's top three markets. Tribune media
span 23 major-market television stations, including national
superstation WGN-TV; 12 market-leading daily newspapers, including
the Los Angeles Times, Chicago Tribune and Newsday; and news
and information Web sites in 18 of the nation's top 30 markets.
TARGET CORPORATION (NYSE: TGT) operates
large-store general merchandise formats, including discount
stores, moderate-priced promotional and traditional department
stores, as well as a direct mail and on-line business called
target.direct. At month-end, the company operated 1,383 stores
in 47 states. This included 1,055 Target stores, 264 Mervyn's
stores and 64 Marshall Field's stores. |
