| 
Tribune Names Financial Advisors
Independent
Special Committee Names Legal Counsel
CHICAGO, September
28, 2006 -- Tribune Company (NYSE:TRB)
today named Merrill Lynch and Citigroup as financial advisors
to assist the company as it explores strategic alternatives
to create additional shareholder value, and outlined management’s
review process.
"In order to maximize shareholder value,
our initial focus is determining the best strategic alternatives
for the company and its publishing and broadcast groups as
a whole, before evaluating strategic alternatives for individual
business units," said Dennis FitzSimons, Tribune chairman,
president and chief executive officer. "Management
will work closely with the independent special committee
of the board of directors during this process. We also remain
committed to reaching the goals of our previously announced
performance improvement plan."
The independent special committee today announced that
it had retained the firm of Skadden, Arps, Slate, Meagher & Flom
as legal counsel, and that it plans to retain its own financial
advisor.
"Management and its financial advisors
will present strategic alternatives to the independent special
committee," said
William A. Osborn, Tribune’s lead independent director.
"The committee will ultimately make a recommendation to the
full board of directors."
The board will make an announcement when the process has
been concluded, which is expected before the end of the year.
:: ::
::
TRIBUNE (NYSE:TRB)
is one of the country’s top media companies, operating
businesses in publishing, interactive 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’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 25 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. |
