TRB Tribune

Publishing Revenues Decline 6.1%; Television Revenues Down 4.6% CHICAGO, Sept. 20 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today reported its summary of revenues and newspaper advertising volume for period 8, ended Sept. 2, 2007. Consolidated revenues for the period were $391 million, down 5.2 percent from last year's $413 million. Publishing revenues in August were $271 million compared with $288 million last year, down 6.1 percent. Advertising revenues decreased 7.2 percent to $210 million, compared with $226 million in August 2006. -- Retail advertising revenues increased 0.6 percent with the largest increases in the hardware/home improvement stores, food and drug stores and home furnishings categories, partially offset by declines in the department stores and amusements categories. Preprint revenues, which are principally included in retail, were up 1.9 percent for the period. -- National advertising revenues increased 2.8 percent, with increases in financial, telecom/wireless and media, partially offset by declines in the resorts and auto categories. -- Classified advertising revenues decreased 20.1 percent. Real estate fell 30.4 percent with the most significant declines in Los Angeles, the Florida markets and Chicago due to difficult year-over-year comparisons. Help wanted declined 21.7 percent and automotive decreased 7.1 percent. Interactive revenues, which are primarily included in classified, were $21 million, up 15 percent, due to growth in most categories. Circulation revenues were down 4.8 percent due to single-copy declines and continued selective discounting in home delivery. Broadcasting and entertainment group revenues in August were $121 million, down 3.0 percent, as declines in television and Cubs revenues were partially offset by higher revenue at Tribune Entertainment. Television revenues fell 4.6 percent, with lower movies, political and restaurant/fast food, partially offset by strength in the automotive, health care/pharmacy and telcom categories. 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. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience. 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 proposed leveraged ESOP transactions being consummated; the risk that required regulatory approvals or financing might not be obtained in a timely manner, without conditions, or at all; the impact of the substantial indebtedness incurred, or to be incurred, to finance the proposed leveraged ESOP transactions; the ability to satisfy all closing conditions in the definitive agreements relating to the proposed leveraged ESOP transactions; difficulties in retaining employees as a result of the proposed leveraged ESOP transactions; risks of unforeseen material adverse changes to our business or operations; risks that the proposed leveraged ESOP transactions disrupt 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 relating to the proposed leveraged ESOP transactions; and other factors described in Tribune's publicly available reports filed with the SEC including the most current annual 10-K report and quarterly 10-Q report, 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's next quarterly 10-Q report to be filed with the SEC may contain updates to the information included in this release. TRIBUNE COMPANY SUMMARY OF REVENUES AND NEWSPAPER ADVERTISING VOLUME (Unaudited) For Period 8 Ended September 2, 2007 (In thousands) Period 8 (4 weeks) Year to Date (35 weeks) -------------------- ------------------------- % % 2007 2006 Change 2007 2006 Change -------- -------- ------ -------- -------- ------ Publishing (A) Advertising Retail $91,651 $91,097 0.6 $798,095 $822,983 (3.0) National 46,700 45,408 2.8 437,965 462,359 (5.3) Classified 71,773 89,870 (20.1) 672,717 806,460 (16.6) --------- --------- ---------- ---------- Sub-Total 210,124 226,375 (7.2) 1,908,777 2,091,802 (8.7) Circulation 39,668 41,679 (4.8) 355,848 378,753 (6.0) Other 20,835 20,304 2.6 177,183 168,285 5.3 --------- --------- ---------- ---------- Segment Total 270,627 288,358 (6.1) 2,441,808 2,638,840 (7.5) --------- --------- ---------- ---------- Broadcasting & Entertainment Television (B) 83,933 87,941 (4.6) 731,367 763,125 (4.2) Radio/ Entertainment 36,603 36,282 0.9 212,563 184,972 14.9 --------- --------- ---------- ---------- Segment Total 120,536 124,223 (3.0) 943,930 948,097 (0.4) --------- --------- ---------- ---------- Consolidated Revenues (A)(B) $391,163 $412,581 (5.2) $3,385,738 $3,586,937 (5.6) ========= ========= ========== ========== Total Advertising Inches (A)(C) Full Run Retail 374 363 3.0 3,354 3,373 (0.6) National 202 205 (1.5) 1,792 2,039 (12.1) Classified 613 688 (10.9) 5,477 6,537 (16.2) --------- --------- ---------- ---------- Sub-Total 1,189 1,256 (5.3) 10,623 11,949 (11.1) Part Run 1,365 1,603 (14.8) 12,486 14,132 (11.6) --------- --------- ---------- ---------- Total 2,554 2,859 (10.7) 23,109 26,081 (11.4) ========= ========= ========== ========== Preprint Pieces (A)(C) 1,068,177 1,088,605 (1.9) 9,377,156 9,245,005 1.4 ========= ========= ========== ========== (A) In May 2007, the Company completed the sale of its New York edition of Hoy. In March 2007, Tribune announced its intentions to sell the Southern Connecticut Newspapers-The Advocate (Stamford) and Greenwich Times (collectively "SCNI"). The Company expects to sell SCNI during the second half of 2007. For both years, results for these newspapers are excluded from this presentation. (B) Excludes results from discontinued operations that were sold in 2006 (WATL-TV, Atlanta, WLVI-TV, Boston and WCWN-TV, Albany). (C) Volume for 2006 has been modified to conform with the 2007 presentation. Volume includes only the daily newspapers and is based on preliminary internal data, which may be updated in subsequent reports. DATASOURCE: Tribune Company CONTACT: Media, Gary Weitman, +1-312-222-3394 (Office), +1-312-222-1573 (Fax), , or Investors, Ruthellyn Musil, +1-312-222-3787 (Office), +1-312-222-1573 (Fax), , both of Tribune Company Web site: http://www.tribune.com/

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