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Press Release

Tribune Reports 2003 First Quarter Earnings

CHICAGO, April 16, 2003 -- Tribune Company (NYSE: TRB) today reported first quarter 2003 diluted earnings per share (EPS) of $.41 compared with a diluted loss per share of $.33 in the first quarter of 2002. The 2003 first quarter results included a net non-operating gain of $.02 per diluted share. In the 2002 first quarter, Tribune recorded a net non-operating loss of $.09 per diluted share, a restructuring charge of $.05 per diluted share and a one-time $.51 loss per diluted share for the cumulative effect of a change in accounting principle related to the initial application of the impairment provisions of
FAS 142.

"Our first quarter results clearly demonstrate the strength of our local mass media franchises -- revenues and operating cash flow are both up," said Dennis FitzSimons, Tribune president and chief executive officer. "During this difficult time, with the war in Iraq dominating news coverage, more and more readers and viewers are turning to our newspapers, television stations and web sites for news and information they can trust."

BASIS OF PRESENTATION

Beginning with 2003 results, Tribune is presenting earnings per share amounts on a generally accepted accounting principles ("GAAP") basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call. In addition, Tribune now reports the results of its interactive businesses in the publishing segment in accordance with segment reporting guidelines, following recent organizational changes that integrated the two groups. For comparison purposes, prior year results are also shown on this basis.

The following discussion of "operating profit" for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. "Operating profit before restructuring charges" is a key metric used by the Company to make decisions about resources to be allocated to its segments and assess their performance.

"Operating cash flow" is defined as operating profit before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating profit to operating cash flow.

"Cash operating expenses" are defined as operating expenses before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating expenses to cash operating expenses.

FIRST QUARTER 2003 RESULTS

CONSOLIDATED

Tribune’s 2003 first quarter operating revenues increased 5 percent to $1.29 billion from
$1.23 billion in the 2002 first quarter. Consolidated cash operating expenses increased
3 percent in the first quarter. Operating cash flow was up 9 percent to $333 million, compared with $307 million in the first quarter of 2002. Tribune’s operating profit before restructuring charges increased 10 percent to $276 million, compared with $252 million in 2002.

PUBLISHING

As a result of various management and reporting changes implemented during 2003, operating results for Tribune’s interactive businesses are reported and monitored as part of the operating results of the publishing segment. Operating results of the former interactive segment are now included in the publishing segment and prior year results are presented on a comparable basis.

Publishing’s first quarter operating revenues were $974 million, up 2 percent from last year’s first quarter. Publishing operating cash flow was $243 million, a 5 percent increase from $231 million in 2002, while cash operating expenses rose by 2 percent. Publishing operating profit before restructuring charges increased 5 percent to $198 million, up from $188 million in 2002.

Management Discussion

• In first quarter 2003, publishing’s operating cash flow margin was 25 percent, up 1 percentage point from first quarter 2002, due primarily to higher revenues and lower newsprint expense. Operating cash flow margins improved from the first quarter 2002 in most markets.
  
• Retail print advertising rose by 2 percent for the quarter. Preprints, the primary driver of retail advertising growth in the quarter, increased 13 percent, led by a
  16 percent increase in Los Angeles where new preprint facilities for Sunday inserting are now operational. Preprint revenue in Chicago and New York was up 13 percent and 10 percent, respectively. Increases in health care, food and furniture/home furnishing were partially offset by a decline in electronics.
  
• National print advertising was up 6 percent for the quarter. Increases in hi-tech, auto manufacturers, movies/entertainment and financial categories were partially offset by a decrease in travel/resorts.
  
• Classified print advertising decreased 1 percent for the quarter. Help wanted revenue for the group was down 12 percent; Chicago fell 18 percent; Los Angeles was off 15 percent; and New York was down 9 percent. Auto increased 1 percent and real estate was up 12 percent.
  
• Interactive revenues were up 14 percent due to strength in classified and national advertising.
  
• Cash operating expenses increased 2 percent from first quarter 2002. Newsprint and ink expense was 5 percent below 2002 as newsprint cost per ton was down 5 percent and consumption declined 1 percent. Excluding newsprint, cash operating expenses were up 3 percent.

BROADCASTING AND ENTERTAINMENT

Broadcasting and Entertainment’s first quarter operating revenues increased 12 percent to $316 million, up from $284 million in 2002. Operating cash flow was $101 million, up
20 percent from $84 million in 2002. Operating profit before restructuring charges increased 24 percent to $90 million from $73 million last year.

Television’s first quarter revenues jumped 13 percent to $289 million, up from
$256 million in 2002. Television cash operating expenses increased 8 percent from last year. Television operating cash flow increased 23 percent to $104 million from
$85 million last year. Television operating profit before restructuring charges increased
26 percent to $94 million from $75 million last year.

Management Discussion

• In first quarter 2003, television’s operating cash flow margin was 36 percent, an increase of 3 percentage points from first quarter 2002.
  
• The acquisition of KPLR-TV, St. Louis and KWBP-TV, Portland, Ore. was completed on March 21, 2003. In July 2002, the company completed the acquisition of WTTV-TV, Indianapolis. The following discussion of television results excludes these acquisitions.
  
• Television advertising revenues increased 11 percent in the quarter.
  
• Television cash operating expenses were up 6 percent compared with last year. Programming costs increased 6 percent, due to the fall 2002 launch of "Will and Grace" and the addition of Clippers basketball games at KTLA-TV, Los Angeles. Other television cash expenses were up 5 percent compared with last year, due to higher selling costs related to greater revenues and increased promotion, partially offset by lower News and G&A expenses.
  
• In February, the WB Network was the fastest growing network in the key adults 18-34 demographic, up 35 percent, and delivered record ratings in several other key audience segments.

EQUITY RESULTS

Equity loss was $9 million in the first quarter, compared with a loss of $21 million in the first quarter of 2002. First quarter 2002 results included the Company’s $7.5 million share of a restructuring charge for CareerBuilder.

NON-OPERATING ITEMS

In the 2003 first quarter, Tribune recorded a net after-tax non-operating gain of
$8 million, or $.02 per diluted share. In the 2003 first quarter, Tribune recorded a pretax loss on derivatives and related investments of $37 million ($23 million after-tax), primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment. Tribune also recorded a pretax gain on sales of subsidiaries and investments of $50 million ($31 million after-tax) related primarily to the divestiture of the assets of Denver radio station KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore.

In the 2002 first quarter, Tribune recorded a net after-tax non-operating loss of
$28 million, or $.09 per diluted share, primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment.

ADDITIONAL FINANCIAL DETAILS

Net interest expense for the 2003 first quarter decreased to $49 million, down 8 percent from $53 million in the first quarter 2002. The decrease was due to a reduction in outstanding debt and lower interest rates. Debt at the end of the first quarter, excluding the PHONES, was just under $2.7 billion.

The effective tax rate in the 2003 first quarter was 39 percent, compared with a rate of
39.1 percent in the first quarter of 2002.

Capital expenditures were about $30 million in the first quarter.

FULL YEAR 2003 OUTLOOK

Assuming that there is a rebound in the economy in the second half of the year, the Company anticipates that its full year 2003 diluted earnings per share will be within the range of the current Wall Street analyst estimates of $2.04 to $2.20. This projection assumes that non-operating items will not be material in the remainder of 2003.

WEBCAST OF CONFERENCE CALL

Today at 8 a.m. (CDT), a live Webcast of the 2003 first quarter conference call will be accessible through www.tribune.com and www.ccbn.com. An archive of the Webcast will be available on these sites from April 16 through April 23. More information about Tribune is available at www.tribune.com or by calling 800/757-1694.

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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. In publishing, Tribune operates 12 market-leading daily newspapers such as the Los Angeles Times, Chicago Tribune and Newsday plus a wide range of targeted publications including Spanish-language newspapers. In broadcasting, Tribune properties include 26 television stations and Superstation WGN on national cable. These publishing and broadcasting interests are complemented by high-traffic news and information Web sites in 18 of the nation’s top 30 markets.

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. Such comments and statements should be understood in the context of Tribune’s publicly available reports filed with the SEC, including the most current annual report, 10-K and 10-Q, which contain a discussion of various factors that may affect the company’s business. These factors could cause actual future performance to differ materially from current expectations. Tribune Company 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. This press release is being furnished to the Securities and Exchange Commission through a Form 8-K.