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FitzSimons to Step Down as Tribune
Company Chairman and CEO
CHICAGO Dec.
19, 2007 -- Tribune
Company (NYSE:TRB) announced today that Dennis FitzSimons
will step down as chairman and chief executive officer immediately
after the company completes its going-private transaction.
FitzSimons will leave the company at the end of the year.
"I am proud to have been part of Tribune
for more than 25 years," said FitzSimons. "The
company’s
greatest strength has always been the talent and dedication
of its 20,000 employees. I thank them for their commitment
to serving our readers, viewers, listeners and advertisers."
On April 2, 2007, Tribune announced
its intention to become a private company, owned 100 percent
by the Tribune Employee Stock Ownership Plan (Tribune ESOP).
At that time, Sam Zell made an initial investment of $250
million in the company. He joined Tribune’s board
of directors in May. When the transaction closes, his investment
in Tribune will increase to $315 million and he will become
chairman of the board.
"Sam Zell is an entrepreneur with a phenomenal
track record," added FitzSimons. "He has made
a significant investment in Tribune that indicates his strong
belief in the value of the company’s media assets.
It was Sam’s
creativity, personal commitment and investment that made
this transaction possible."
"Dennis FitzSimons has provided
Tribune with outstanding leadership through a challenging
environment," said
Zell. "He helped build the company into one of the
nation’s premier media businesses, and has been instrumental
in guiding Tribune to the closing of this historic transaction.
I wish him much success in the next phase of his career."
:: :: ::
Forward-Looking Statements
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. You can identify these and other
forward looking statements by the use of such words as “will,” “expect,” “plans,” “believes,” “estimates,” “intend,” “continue,” or
the negative of such terms, or other comparable terminology.
Forward-looking statements also include the assumptions
underlying or relating to any of the foregoing statements.
Actual results could differ materially from the expectations
expressed in these statements. Factors that could cause
actual results to differ include risks related to the transactions
being consummated; the risk that financing might not be
obtained in a timely manner, without conditions, or at
all; the impact of the substantial indebtedness incurred
to finance the consummation of the merger; the ability
to satisfy all closing conditions in the definitive agreements;
difficulties in retaining employees as a result of the
merger agreement; risks of unforeseen material adverse
changes to our business or operations; risks that the proposed
transaction disrupts current plans, operations, and business
growth initiatives; the risk associated with the outcome
of any legal proceedings that may be instituted against
Tribune and others in connection with the merger agreement;
and other factors described in Tribune’s publicly
available reports filed with the SEC, including the most
current annual 10-K and quarterly 10-Q reports, which contain
a discussion of various factors that may affect Tribune’s
business or financial results. These factors, including
also the ability to complete the merger, could cause actual
future performance to differ materially from current expectations.
Tribune 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.
:: :: ::
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 23 television
stations, Superstation WGN on national cable, Chicago’s
WGN-AM and the Chicago Cubs baseball team. |
