| 
Tribune Completes Sale of WATL-TV, Atlanta
CHICAGO, August
7, 2006 -- Tribune Company
(NYSE:TRB) today announced that it has completed the sale
of WATL-TV (channel 36), Atlanta, to Gannett Co., Inc.,
for $180 million in cash. Tribune acquired a minority stake
in WATL in 1995 and obtained full ownership of the station
in 2000 as part of its acquisition of Qwest Broadcasting.
The sale of WATL is part of Tribune’s
performance improvement plan announced
May 30. The plan includes at least $500 million in asset
sales and approximately $300 million has been identified
so far. In addition to WATL, Tribune last month sold 2.8
million shares of Time Warner common stock for net proceeds
of approximately $46 million. In June, the company announced
the sale of WCWN-TV, Albany, for $17 million. Bids are now
being received for the San Fernando property where a Los
Angeles Times printing facility was closed earlier this year.
:: ::
::
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. |
