FitzSimons to Step Down as Tribune Company Chairman and CEO

Dec 19, 2007, 00:00 ET from Tribune Company

    CHICAGO, Dec. 19 /PRNewswire-FirstCall/ -- 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
     "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."
     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
 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

SOURCE Tribune Company