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Tribune Company Statement
CHICAGO, June 14,
2006 -- Tribune Company (NYSE:TRB)
today issued the following statements in response to today’s
SEC filing by the Chandler Trusts.
William A. Osborn, Tribune’s lead independent
director, said: "Tribune’s Board of Directors
evaluated a broad range of strategic alternatives at numerous
meetings over a period of months. The actions suggested by
the Chandler Trusts in today’s letter were considered
by the board prior to its approval of the tender offer. After
receiving recommendations from management and the board’s
outside financial and legal advisors, all the directors except
those representing the Chandler Trusts approved the tender
offer as being in the best interest of all shareholders."
Dennis FitzSimons, Chairman, President
and CEO of Tribune Company said: "After extensive
deliberations by the Board, which included a detailed review
of the environment in which all media and newspaper companies
are operating today, we recommitted to an aggressive performance
improvement program. This includes continued expansion
of our Internet portfolio, the sale of non-core assets,
and additional cost saving initiatives. In a changing media
environment, our commitment to quality journalism and service
to our communities will continue to be a top priority.
We believe Tribune Company has a great future and we are
focused on creating long-term value for all of our shareholders,
many of whom are employees."
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TRIBUNE (NYSE:TRB)
is one of the country’s top media companies, operating
businesses in publishing 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
operates 11 leading daily newspapers including the Los Angeles
Times, Chicago Tribune and Newsday, plus a wide range of
targeted publications. The company’s broadcasting group
operates 26 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. |
