TRB Tribune

CHICAGO, Oct. 1 /PRNewswire-FirstCall/ -- Tribune Company (NYSE:TRB) today announced that the company has finalized the settlement of its appeal of the 2005 Tax Court decision disallowing the tax free reorganization of Matthew Bender, a former subsidiary of The Times Mirror Company. As a result of the settlement, Tribune has received a refund of federal income taxes and interest of approximately $344 million resulting from payments previously made for both the Matthew Bender transaction and a similar transaction completed by Times Mirror. After consideration of income taxes on the interest received, the net cash proceeds are approximately $286 million. Tribune acquired Times Mirror in June 2000, and inherited the preexisting tax dispute at that time. 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. DATASOURCE: Tribune Company CONTACT: media, Gary Weitman, +1-312-222-3394, , or investors, Ruthellyn Musil, +1-312-222-3787, , both of Tribune Company, fax, +1-312-222-1573 Web site: http://www.tribune.com/

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