Tribune Reports 2001 First Quarter Earnings

Company Meets Revised Expectations, Reports $.19 EPS For Q1



Cash Earnings Increase 21%



Apr 18, 2001, 01:00 ET from Tribune Company

    CHICAGO, April 18 /PRNewswire/ -- Tribune Company (NYSE:   TRB) reported
 today diluted earnings per share (EPS) from continuing operations, excluding
 non-operating items, of $.19 for the 2001 first quarter, compared with $.31
 for the 2000 first quarter.  Tribune's acquisition of The Times Mirror Company
 resulted in dilution of $.06 per share in the 2001 first quarter.
     "Tribune's first quarter results reflect the impact of the continued
 slow-down in the U.S. economy," said John W. Madigan, chairman, president and
 chief executive officer.  "We are taking aggressive actions and implementing
 cost control initiatives throughout the company in response to these events."
     "We have accelerated the Times Mirror integration, and when the economic
 climate improves and the advertising slump is over, Tribune's strong mass
 media assets will be more valuable than ever.  Our combination of 11
 newspapers, 22 television stations and more than 50 Web sites are unparalleled
 in our industry."
     Cash earnings (defined as income from continuing operations, excluding
 non-operating items, plus amortization expense) rose 21 percent to
 $124 million in the 2001 first quarter, up from $103 million in the 2000 first
 quarter.
     EBITDA (earnings before interest, taxes, depreciation, amortization,
 equity results, and non-operating items) was $315 million in the 2001 first
 quarter, compared with $224 million in the 2000 first quarter.
 
                         Reported Consolidated Results
 
     Tribune's reported 2001 first quarter operating revenues increased 79
 percent to $1.3 billion, up from $724 million in the 2000 first quarter.  For
 the 2001 first quarter, Tribune's reported operating profit grew 18 percent to
 $203 million, compared with $172 million in the 2000 first quarter.  In the
 2001 first quarter, cash EPS decreased to $.36, down from $.38 per share in
 the 2000 first quarter, but the Times Mirror acquisition was $.03 accretive in
 the 2001 first quarter.
 
                         Consolidated Pro Forma Results
 
     Tribune's results of operations are reported on a pro forma basis to
 provide comparable financial information.  Pro forma results assume that the
 Times Mirror acquisition occurred at the beginning of 2000.
     In the 2001 first quarter, Tribune's pro forma operating revenues
 decreased 3 percent to $1.29 billion, down from $1.33 billion in the 2000
 first quarter.  For the 2001 first quarter, EBITDA was off 14 percent to
 $315 million, compared with $366 million in the 2000 first quarter.  Tribune's
 operating profit in the 2001 first quarter dropped 19 percent to $203 million,
 down from $251 million for the 2000 first quarter.
 
                         Broadcasting and Entertainment
 
     In the 2001 first quarter, operating revenues for broadcasting and
 entertainment decreased 7 percent to $290 million, down from $312 million in
 the 2000 period.  EBITDA fell 11 percent in the 2001 first quarter to
 $100 million, from $113 million in 2000.  Operating profit in the 2001 first
 quarter declined 16 percent to $71 million, from $84 million.
     Television revenues declined 8 percent to $264 million in the 2001 first
 quarter, down from $286 million in last year's first quarter.  The revenue
 decrease was mainly due to lower dot.com and automotive ad spending and
 reflects challenging comparisons from 2000's first quarter, when television
 revenues increased 13 percent.  Television cash operating expenses were down
 6 percent from 2000.
     Revenues for Entertainment/Other increased 9 percent to $14 million, up
 from $13 million in last year's first quarter, primarily due to the strong
 performance of Tribune Entertainment's Andromeda, which is this season's No. 1
 action drama in first-run syndication.
     The Times Mirror merger did not impact broadcasting and
 entertainment.
 
                             Publishing - Reported
 
     Total operating revenues for publishing were $989 million in the 2001
 first quarter, compared with $407 million in 2000.  Publishing EBITDA was
 $234 million in the 2001 first quarter, compared with $130 million in the same
 2000 period.  Publishing operating profit increased to $156 million, from
 $108 million in the 2000 first quarter.
 
                             Publishing - Pro Forma
 
     On a pro forma basis, operating revenues for the 2001 first quarter were
 $989 million, 2 percent below the $1.01 billion in the 2000 first quarter.
 EBITDA was $234 million in the first quarter 2001, 18 percent lower than last
 year's $286 million.  Operating profit was down 24 percent to $156 million,
 compared with last year's first quarter operating profit of $205 million.
     In the 2001 first quarter, the newly acquired newspapers had five
 additional days compared to the 2000 first quarter, which slightly impacted
 revenues and expenses.  Excluding the five days, operating revenues would be 4
 percent below the 2000 first quarter, and cash expenses, other than newsprint,
 would be 1 percent below last year.
     In the 2001 first quarter, pro forma advertising revenue totaled
 $772 million, which was 4 percent below last year's first quarter of
 $801 million.  Retail advertising revenue increased 3 percent in the first
 quarter 2001, mainly due to strong preprints.  National revenue was 4 percent
 below last year's first quarter, primarily due to weakness in dot.com and
 entertainment/movies.  Classified revenue declined 9 percent from last year's
 first quarter because of soft help wanted.
     Newsprint expense rose 13 percent in the first quarter as newsprint prices
 increased 18 percent and consumption declined 5 percent.
 
                             Interactive - Reported
 
     Interactive revenues were $13.7 million in the 2001 first quarter, up from
 $5.3 million in the 2000 first quarter.  Interactive operating losses were
 $10.2 million in the 2001 first quarter, compared with $11.3 million in the
 same 2000 period.
 
                            Interactive - Pro Forma
 
     In the 2001 first quarter, interactive pro forma revenues rose 34 percent
 to $13.7 million, up from $10.3 million in the same period last year primarily
 on higher classified revenues.  For the 2001 first quarter, interactive
 operating losses decreased 34 percent to $10.2 million, from $15.6 million in
 the 2000 first quarter.
 
                                 Equity Results
 
     Reported equity losses for the 2001 first quarter were $19.9 million, up
 from $17.7 million in 2000.  The losses were primarily due to Tribune's
 ownership interests in BrassRing, CareerBuilder, Classified Ventures, and The
 WB Network.
 
                               Interest and Taxes
 
     Interest expense for the 2001 first quarter rose to $64.6 million, up from
 $30.5 million in 2000.  This increase resulted from interest on debt used to
 fund the Times Mirror merger and the assumption of Times Mirror's existing
 debt.
     Tribune repurchased 2.7 million shares in the 2001 first quarter.
     The effective tax rate in the 2001 first quarter, excluding non-operating
 items, increased to 46 percent, from 40 percent in 2000.  The higher effective
 tax rate in the first quarter was mainly due to the Times Mirror acquisition.
 
                              Non-operating Items
 
     In the 2001 first quarter, Tribune recorded a $.01 per diluted share gain
 from marking the company's derivatives and related AOL Time Warner and Mattel
 investments to market.
 
                                    Outlook
 
     For the second quarter of 2001, diluted EPS is expected to be about
 30 cents.
 
                          Web Cast of Conference Call
 
     Today at 4:00 p.m. (CDT), a live Web cast of the 2001 first quarter
 conference call will be accessible through www.tribune.com and
 www.streetfusion.com .  An archive of the Web cast will be available on these
 sites from Wed., Apr. 18 through Wed., May 2.  More information on Tribune is
 available on the Internet at www.tribune.com or by calling 1-800-757-1694.
     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.  Such comments and statements
 should be understood in the context of Tribune's publicly available reports
 filed with the SEC, including the most current annual report, 10-K and 10-Q,
 which contain a discussion of various factors that may affect the company's
 business.  These factors could cause actual future performance to differ
 materially from current expectations.
     Tribune Company is not responsible for updating the information contained
 in this press release beyond the published date, nor for changes made to this
 document by wire services or Internet service providers.
     TRIBUNE (NYSE:   TRB) is one of the country's premier media companies,
 operating businesses in broadcasting, publishing and on the Internet.  It
 reaches more than 80 percent of U.S. households, and is the only media company
 with television stations, newspapers and Web sites in the nation's top three
 markets.  Tribune's annualized revenues total approximately $6 billion and the
 company employs more than 22,000 people nationwide.
 
 
                                   TRIBUNE COMPANY
                    FIRST QUARTER RESULTS OF OPERATIONS (Unaudited)
                       (In thousands, except per share data)
 
                                              FIRST QUARTER(A)
                                        ----------------------------
                                                                 %
                                           2001        2000   Change
                                        ---------   --------- ------
     OPERATING REVENUES               $ 1,292,802 $   724,233   79
                                        ---------   ---------
 
     OPERATING PROFIT                 $   202,699 $   171,982   18
 
     Net Loss on Equity Investments(B)    (19,861)    (17,669)  12
     Interest Income                        2,066      14,237  (85)
     Interest Expense                     (64,600)    (30,519) 112
                                        ---------   ---------
     Income from Continuing Operations
       Before Taxes and Non-Operating
       Items                              120,304     138,031  (13)
 
     Income Taxes Related to Operations   (55,340)    (55,310)   -
                                        ---------   ---------
     Income from Continuing Operations
       Before Non-Operating Items          64,964      82,721  (21)
 
     Non-Operating Items (C):
        Gain(Loss) on Change in Fair
          Values of Derivatives and
          Related Investments               9,116     (36,299)  NM
        Gain on Sales of Investments          198      13,011  (98)
                                        ---------   ---------
        Total Non-Operating Items           9,314     (23,288)  NM
 
        Income Taxes Related to
          Non-Operating Items              (3,633)      8,926   NM
                                        ---------   ---------
     Income from Continuing Operations     70,645      68,359    3
 
     Loss from Discontinued
       Operations, net of tax (D)             -          (721)(100)
                                        ---------   ---------
     NET INCOME                            70,645      67,638    4
 
     Preferred Dividends, net of tax       (6,699)     (4,455)  50
                                        ---------   ---------
     Net Income Attributable to Common
       Shares                         $    63,946 $    63,183    1
                                        =========   =========
     EARNINGS PER SHARE
     Basic:
        From continuing operations
          Before non-operating
            items                     $       .19 $       .33  (42)
                                        ---------   ---------
          Including non-operating
            items                     $       .21 $       .27  (22)
        Discontinued operations               -           -      -
                                        ---------   ---------
        Total                         $       .21 $       .27  (22)
                                        =========   =========
     Diluted:
        From continuing operations
          Before non-operating
            items                     $       .19 $       .31  (39)
                                        ---------   ---------
          Including non-operating
            items                     $       .20 $       .25  (20)
        Discontinued operations               -           -      -
                                        ---------   ---------
        Total (E)                     $       .20 $       .25  (20)
                                        =========   =========
 
     DIVIDENDS PER COMMON SHARE       $       .11 $       .10   10
                                        ---------   ---------
     Weighted Average Common
       Shares Outstanding(F)              299,656     236,202   27
                                        ---------   ---------
     Cash Earnings from Continuing Operations
       Before Non-Operating Items(G)
          Amount                      $   123,886 $   102,501   21
                                        ---------   ---------
          Per diluted share           $       .36 $       .38   (5)
                                        ---------   ---------
 
 
     (A) 2001 quarter:  Jan. 1, 2001 to April 1, 2001. (13 weeks)
         2000 quarter:  Dec. 27, 1999 to March 26, 2000. (13 weeks)
 
     (B) Prior to the Times Mirror merger, Tribune owned 17% of Classified
         Ventures and 18% of CareerPath.com and accounted for these investments
         under the cost method.  Subsequent to the merger, Tribune's ownership
         interests in both of these investments exceeded 20%, as Times Mirror
         also had interests in these companies.  As a result, these investments
         are now accounted for under the equity method.  First quarter 2000
         results have been restated to reflect equity losses for Tribune's
         pre-merger 17% ownership in Classified Ventures and 18% ownership in
         CareerPath.com.  As a result of the restatement, first quarter 2000
         equity losses increased by $5.7 million and first quarter 2000 net
         income decreased by $3.4 million, or $.01 per diluted share.  In
         September 2000, CareerBuilder, a new joint venture of which Tribune
         owns 46%, absorbed the operations of CareerPath.com.
 
     (C) The first quarter of 2001 included the following non-operating items:
 
                                     Pretax      Diluted
                                      Gain         EPS
                                    ---------   ---------
     Net change in fair values of
       PHONES, DECS, PEPS and
       related AOL Time Warner
       ("AOL") and Mattel shares  $     9,116 $       .01
     Sale of investments                  198           -
                                    ---------   ---------
     Total non-operating items    $     9,314 $       .01
                                    =========   =========
 
     The first quarter of 2000 included the following
     non-operating items:
                                     Pretax      Diluted
                                   Gain(Loss)      EPS
                                    ---------   ---------
     Net change in fair values of
       PHONES, DECS and AOL collar
       derivatives and related AOL
       and Mattel shares          $   (36,299)$      (.09)
     Sale of AOL common stock          13,011         .03
                                    ---------   ---------
     Total non-operating items    $   (23,288)$      (.06)
                                    =========   =========
 
     (D) Tribune Education was sold to The McGraw-Hill Companies on Sept. 5,
         2000 for approximately $686 million, including the related tax benefit
         of $22 million. The accompanying first quarter financial statements
         reflect the Education segment as discontinued operations.
 
 
     (E) Diluted EPS is computed assuming that the Series B convertible
         preferred shares and the LYONs debt securities are converted into
         common shares. Also, weighted average common shares outstanding is
         adjusted for the dilutive effect of stock options. The Company has
         certain other convertible securities which are not included in the
         calculation of diluted EPS because their effects are antidilutive.
         Following is the calculation of diluted EPS for the first quarter:
 
                                        First Quarter
                                    ---------------------
                                      2001        2000
                                    ---------   ---------
     Net income                   $    70,645 $    67,638
     Additional ESOP contribution
       required assuming Series B
       preferred shares were
       converted, net of tax           (2,654)     (2,808)
     Dividends for Series C, D-1,
       and D-2 preferred stock         (2,014)        -
     LYONs interest expense,
       net of tax                       1,515         -
                                    ---------   ---------
     Adjusted net income          $    67,492 $    64,830
                                    ---------   ---------
 
     Weighted average common
       shares outstanding             299,656     236,202
     Assumed conversion of Series
       B preferred shares into
       common                          18,408      19,472
     Assumed exercise of stock
       options, net of common shares
       assumed repurchased              6,500       3,495
     Assumed conversion of
       LYONs debt securities            7,272          -
                                    ---------   ---------
     Adjusted weighted average
       common shares outstanding      331,836     259,169
                                    ---------   ---------
 
     Diluted earnings per share   $       .20 $       .25
                                    ---------   ---------
 
     (F) The number of common shares outstanding, in thousands,
         at April 1, 2001 was 299,184.
 
     (G) Cash earnings is computed as income from continuing
         operations before non-operating items plus
         amortization of goodwill and other intangible assets.
         The calculations are summarized as follows:
 
                                         First Quarter 2001
                                    ----------------------------
                                     Amount    Per Diluted Share
                                    ---------  -----------------
     Income from continuing
        operations, before
        non-operating items       $    64,964    $       .19
     Amortization of intangible
        assets                         58,922            .17
                                    ---------      ---------
     Cash earnings                $   123,886    $       .36
                                    =========      =========
 
                                         First Quarter 2000
                                    ----------------------------
                                     Amount    Per Diluted Share
                                    ---------  -----------------
     Income from continuing
        operations, before
        non-operating items       $    82,721    $       .31
     Amortization of intangible
        assets                         19,780            .07
                                    ---------      ---------
     Cash earnings                $   102,501    $       .38
                                    =========      =========
 
 
                               TRIBUNE COMPANY(A)
                       BUSINESS SEGMENT DATA (Unaudited)
                                 (In thousands)
 
                                            FIRST QUARTER
                                    ------------------------------
                                    (13 weeks)   (13 weeks)    %
                                       2001         2000    Change
     BROADCASTING AND ENTERTAINMENT ---------    ---------  ------
      Revenues
         Television               $   263,629   $  285,653     (8)
         Radio                         12,281       12,908     (5)
         Entertainment/Other           14,158       12,959      9
                                    ---------    ---------
         Total                        290,068      311,520     (7)
 
      EBITDA (B)
         Television                   102,042      113,554    (10)
         Radio                          4,032        3,603     12
         Entertainment/Other           (6,315)      (4,650)   (36)
                                    ---------    ---------
         Total                         99,759      112,507    (11)
 
      Operating Profit
         Television                    74,288       86,124    (14)
         Radio                          3,688        3,249     14
         Entertainment/Other           (7,255)      (5,678)   (28)
                                    ---------    ---------
         Total                    $    70,721   $   83,695    (16)
 
     PUBLISHING
      Revenues
       Daily Newspapers           $   884,550   $  369,387    139
       Other Publications/Services    104,441       38,060    174
                                    ---------    ---------
       Total                          988,991      407,447    143
 
      EBITDA
       Daily Newspapers               216,437      125,474     72
       Other Publications/Services     17,873        4,418    305
                                    ---------    ---------
       Total                          234,310      129,892     80
 
      Operating Profit
       Daily Newspapers               146,722      106,352     38
       Other Publications/Services      9,339        1,942    381
                                    ---------    ---------
       Total                      $   156,061   $  108,294     44
 
     INTERACTIVE
      Revenues                    $    13,743   $    5,266    161
 
      EBITDA                           (7,039)     (10,191)    31
 
      Operating Profit            $   (10,248)  $  (11,321)     9
 
     CORPORATE EXPENSES
      EBITDA                      $   (12,473)  $   (8,070)   (55)
 
      Operating Profit            $   (13,835)  $   (8,686)   (59)
 
     CONSOLIDATED
      Revenues                    $ 1,292,802   $  724,233     79
 
      EBITDA                          314,557      224,138     40
 
      Operating Profit            $   202,699   $  171,982     18
 
     (A)Times Mirror operating results are included beginning on April 17,
        2000.  Education operating results are excluded from both periods
        presented.
 
     (B)EBITDA is earnings before interest, taxes, depreciation, amortization
        of intangible assets, equity results and non-operating items.
 
                                  TRIBUNE COMPANY
                     PRO FORMA RESULTS OF OPERATIONS (Unaudited)
                              (Dollars in thousands)
 
 
                                                      FIRST QUARTER
                                           ------------------------------------
                                                                           %
                                             2001              2000      Change
                                           ---------         ---------   ------
     OPERATING REVENUES
        Broadcasting
         and Entertainment                $  290,068        $  311,520    (7)
        Publishing                           988,991         1,011,585    (2)
        Interactive                           13,743            10,287    34
                                           ---------         ---------
     Total operating revenues             $1,292,802        $1,333,392    (3)
                                           ---------         ---------
 
     EBITDA
        Broadcasting
         and Entertainment                $   99,759        $  112,507   (11)
        Publishing                           234,310           286,435   (18)
        Interactive                           (7,039)          (12,478)   44
        Corporate Expenses                   (12,473)          (20,053)   38
                                           ---------         ---------
     Total EBITDA                         $  314,557        $  366,411   (14)
                                           ---------         ---------
 
     OPERATING PROFIT
        Broadcasting
         and Entertainment                $   70,721        $   83,695   (16)
        Publishing                           156,061           205,091   (24)
        Interactive                          (10,248)          (15,640)   34
        Corporate Expenses                   (13,835)          (21,700)   36
                                           ---------         ---------
     Total operating profit               $  202,699        $  251,446   (19)
 
     Net Loss on Equity
      Investments                            (19,861)          (12,114)   64
                                           ---------         ---------
     Operating profit,
      net of equity results               $  182,838        $  239,332   (24)
                                           ---------         ---------
 
        Pro forma data assumes that Times Mirror was acquired as
        of the beginning of fiscal 2000.  This provides comparable
        financial information for year over year comparisons.
 
        Pro forma data does not reflect any potential cost savings,
        revenue enhancements, or other synergies.
 
                                     TRIBUNE COMPANY
                        PRO FORMA SUMMARY OF REVENUES (Unaudited) (A)
                           For Period 3 Ended April 1, 2001
                                   (In thousands)
 
                        Period 3 (4 weeks)           Year-to-Date (13 weeks)
                      Actual    Pro Forma           Actual      Pro Forma
                       2001        2000      %       2001         2000       %
     Broadcasting & ----------  ----------  ---  -----------   -----------  ---
      Entertainment
     --------------
      Television(B) $   87,703  $   96,084   (9) $   263,629  $   285,653   (8)
      Radio              5,681       5,777   (2)      12,281       12,908   (5)
      Enter./Other       6,727       5,567   21       14,158       12,959    9
                    ----------  ----------       -----------  -----------
      Segment
       Total(C)        100,111     107,428   (7)     290,068      311,520   (7)
                    ----------  ----------       -----------  -----------
     Publishing
     ----------
      Advertising
        Retail          98,040      99,546   (2)     301,112      292,551    3
        National        54,301      61,722  (12)     182,791      190,071   (4)
        Classified      87,526     103,005  (15)     288,514      318,105   (9)
                    ----------  ----------       -----------  -----------
        Sub-Total      239,867     264,273   (9)     772,417      800,727   (4)
      Circulation       51,284      51,290    -      165,630      163,052    2
      Other             17,663      15,283   16       50,944       47,806    7
                    ----------  ----------       -----------  -----------
      Segment
       Total(D)        308,814     330,846   (7)     988,991    1,011,585   (2)
                    ----------  ----------       -----------  -----------
     Interactive         4,704       3,436   37       13,743       10,287   34
                    ----------  ----------       -----------  -----------
     Consol.
      Rev.(E)       $  413,629  $  441,710   (6) $ 1,292,802  $ 1,333,392   (3)
                    ==========  ==========       ===========  ===========
 
     (A)The pro forma 2000 data assumes that Times Mirror was acquired as of
        the beginning of fiscal 2000.  The pro forma data does not reflect any
        potential revenue enhancements or other synergies.
 
     (B)Includes WATL-Atlanta and WNOL-New Orleans, acquired in February 2000.
        On a same station basis, television revenues decreased 9% for the
        year-to-date.  Year-to-date includes copyright royalties of
        $10.4 million in 2001 and $11.6 million in 2000.  Period 3 includes
        copyright royalties of $4.5 million in 2001 and $0.3 million in 2000.
        Excluding these copyright royalties, television revenues decreased 13%
        for the period.
 
     (C)Excluding acquisitions, broadcasting and entertainment revenues
        decreased 8% for the year-to-date.
 
     (D)Times Mirror's and Tribune's 2000 fiscal years began on different days.
        This difference resulted in the seven newly acquired newspapers having
        five extra days in Period 1, 2001 compared to Period 1, 2000.
        Excluding the effect of these extra days, total publishing revenues
        decreased 4% for the year-to-date, while advertising revenues decreased
        5% from last year.  Retail revenue was up 1%; national and classified
        advertising were below last year by 6% and 10%, respectively.
 
     (E)Excluding the television station acquisitions, copyright royalties and
        the extra days in 2001 for the seven newly acquired newspapers,
        consolidated revenues decreased 5% for the year-to-date. Excluding
        copyright royalties, consolidated revenues decreased 7% for the period.
 
 
                                  TRIBUNE COMPANY
       PRO FORMA SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited)(A)(B)(C)
                          For Period 3 Ended April 1, 2001
                                 (In thousands)
 
                         Period 3 (4 weeks)             Year-to-Date (13 weeks)
                       Actual     Pro Forma          Actual      Pro Forma
                        2001        2000      %       2001         2000      %
                     ----------  ----------  ---    ---------    ---------  ---
     Full Run
     --------
     L.A. Times            207         241  (14)         679          745   (9)
     Chicago
      Tribune              174         193  (10)         556          610   (9)
     Newsday               129         130   (1)         384          375    2
     Baltimore Sun         137         160  (14)         443          472   (6)
     South Florida         345         336    3        1,058        1,033    2
     Orlando
      Sentinel             210         209    -          687          657    5
     Other
      Dailies (D)          432         484  (11)       1,323        1,429   (7)
                    ----------  ----------         ---------    ---------
     Total               1,634       1,753   (7)       5,130        5,321   (4)
                    ==========  ==========         =========    =========
 
     Part Run
     --------
     L.A. Times            386         486  (21)       1,240        1,544  (20)
     Chicago
      Tribune              478         454    5        1,355        1,292    5
     Newsday               123         138  (11)         377          395   (5)
     Baltimore Sun          33          31    6           77           95  (19)
     South Florida         315         233   35          884          755   17
     Orlando
      Sentinel             158         131   21          467          424   10
     Other
      Dailies (D)           71          80  (11)         216          218   (1)
                    ----------  ----------         ---------    ---------
     Total               1,564       1,553    1        4,616        4,723   (2)
                    ==========  ==========         =========    =========
 
     Total Advertising Inches
     ------------------------
     Full Run
       Retail              493         536   (8)       1,536        1,608   (4)
       National            283         312   (9)         880          957   (8)
       Classified          858         905   (5)       2,714        2,756   (2)
                    ----------  ----------         ---------    ---------
       Sub-Total         1,634       1,753   (7)       5,130        5,321   (4)
     Part Run            1,564       1,553    1        4,616        4,723   (2)
                    ----------  ----------         ---------    ---------
     Total               3,198       3,306   (3)       9,746       10,044   (3)
                    ==========  ==========         =========    =========
 
 
 
 
     Preprint Pieces (E)
     -------------------
     L.A. Times        186,771     213,008  (12)     595,872      572,823    4
     Chicago
      Tribune          209,467     220,715   (5)     649,759      640,034    2
     Newsday           170,660     171,098    -      524,105      491,870    7
     Baltimore Sun      66,659      68,173   (2)     199,989      195,817    2
     South Florida      60,177      54,065   11      185,453      168,337   10
     Orlando
      Sentinel          65,156      59,540    9      186,411      177,686    5
     Other
      Dailies (D)       85,487      87,964   (3)     260,184      258,004    1
                    ----------  ----------        ----------   ----------
     Total             844,377     874,563   (3)   2,601,773    2,504,571    4
                    ==========  ==========        ==========   ==========
 
 
     (A) The pro forma 2000 data assumes that Times Mirror was acquired as of
         the beginning of fiscal 2000.  The pro forma data does not reflect any
         potential revenue enhancements or other synergies.
 
     (B) Volume is based on preliminary internal data, which may be updated in
         subsequent reports.
 
     (C) Excludes Sun-Sentinel Community News Group, shopper and certain
         targeted publications.
 
     (D) Other daily newspapers include The Hartford Courant, The Morning Call,
         Daily Press, The Advocate and Greenwich Time.
 
     (E) Preprint amounts have been restated to reflect pieces, rather
         than inches.
 
 

SOURCE Tribune Company
    CHICAGO, April 18 /PRNewswire/ -- Tribune Company (NYSE:   TRB) reported
 today diluted earnings per share (EPS) from continuing operations, excluding
 non-operating items, of $.19 for the 2001 first quarter, compared with $.31
 for the 2000 first quarter.  Tribune's acquisition of The Times Mirror Company
 resulted in dilution of $.06 per share in the 2001 first quarter.
     "Tribune's first quarter results reflect the impact of the continued
 slow-down in the U.S. economy," said John W. Madigan, chairman, president and
 chief executive officer.  "We are taking aggressive actions and implementing
 cost control initiatives throughout the company in response to these events."
     "We have accelerated the Times Mirror integration, and when the economic
 climate improves and the advertising slump is over, Tribune's strong mass
 media assets will be more valuable than ever.  Our combination of 11
 newspapers, 22 television stations and more than 50 Web sites are unparalleled
 in our industry."
     Cash earnings (defined as income from continuing operations, excluding
 non-operating items, plus amortization expense) rose 21 percent to
 $124 million in the 2001 first quarter, up from $103 million in the 2000 first
 quarter.
     EBITDA (earnings before interest, taxes, depreciation, amortization,
 equity results, and non-operating items) was $315 million in the 2001 first
 quarter, compared with $224 million in the 2000 first quarter.
 
                         Reported Consolidated Results
 
     Tribune's reported 2001 first quarter operating revenues increased 79
 percent to $1.3 billion, up from $724 million in the 2000 first quarter.  For
 the 2001 first quarter, Tribune's reported operating profit grew 18 percent to
 $203 million, compared with $172 million in the 2000 first quarter.  In the
 2001 first quarter, cash EPS decreased to $.36, down from $.38 per share in
 the 2000 first quarter, but the Times Mirror acquisition was $.03 accretive in
 the 2001 first quarter.
 
                         Consolidated Pro Forma Results
 
     Tribune's results of operations are reported on a pro forma basis to
 provide comparable financial information.  Pro forma results assume that the
 Times Mirror acquisition occurred at the beginning of 2000.
     In the 2001 first quarter, Tribune's pro forma operating revenues
 decreased 3 percent to $1.29 billion, down from $1.33 billion in the 2000
 first quarter.  For the 2001 first quarter, EBITDA was off 14 percent to
 $315 million, compared with $366 million in the 2000 first quarter.  Tribune's
 operating profit in the 2001 first quarter dropped 19 percent to $203 million,
 down from $251 million for the 2000 first quarter.
 
                         Broadcasting and Entertainment
 
     In the 2001 first quarter, operating revenues for broadcasting and
 entertainment decreased 7 percent to $290 million, down from $312 million in
 the 2000 period.  EBITDA fell 11 percent in the 2001 first quarter to
 $100 million, from $113 million in 2000.  Operating profit in the 2001 first
 quarter declined 16 percent to $71 million, from $84 million.
     Television revenues declined 8 percent to $264 million in the 2001 first
 quarter, down from $286 million in last year's first quarter.  The revenue
 decrease was mainly due to lower dot.com and automotive ad spending and
 reflects challenging comparisons from 2000's first quarter, when television
 revenues increased 13 percent.  Television cash operating expenses were down
 6 percent from 2000.
     Revenues for Entertainment/Other increased 9 percent to $14 million, up
 from $13 million in last year's first quarter, primarily due to the strong
 performance of Tribune Entertainment's Andromeda, which is this season's No. 1
 action drama in first-run syndication.
     The Times Mirror merger did not impact broadcasting and
 entertainment.
 
                             Publishing - Reported
 
     Total operating revenues for publishing were $989 million in the 2001
 first quarter, compared with $407 million in 2000.  Publishing EBITDA was
 $234 million in the 2001 first quarter, compared with $130 million in the same
 2000 period.  Publishing operating profit increased to $156 million, from
 $108 million in the 2000 first quarter.
 
                             Publishing - Pro Forma
 
     On a pro forma basis, operating revenues for the 2001 first quarter were
 $989 million, 2 percent below the $1.01 billion in the 2000 first quarter.
 EBITDA was $234 million in the first quarter 2001, 18 percent lower than last
 year's $286 million.  Operating profit was down 24 percent to $156 million,
 compared with last year's first quarter operating profit of $205 million.
     In the 2001 first quarter, the newly acquired newspapers had five
 additional days compared to the 2000 first quarter, which slightly impacted
 revenues and expenses.  Excluding the five days, operating revenues would be 4
 percent below the 2000 first quarter, and cash expenses, other than newsprint,
 would be 1 percent below last year.
     In the 2001 first quarter, pro forma advertising revenue totaled
 $772 million, which was 4 percent below last year's first quarter of
 $801 million.  Retail advertising revenue increased 3 percent in the first
 quarter 2001, mainly due to strong preprints.  National revenue was 4 percent
 below last year's first quarter, primarily due to weakness in dot.com and
 entertainment/movies.  Classified revenue declined 9 percent from last year's
 first quarter because of soft help wanted.
     Newsprint expense rose 13 percent in the first quarter as newsprint prices
 increased 18 percent and consumption declined 5 percent.
 
                             Interactive - Reported
 
     Interactive revenues were $13.7 million in the 2001 first quarter, up from
 $5.3 million in the 2000 first quarter.  Interactive operating losses were
 $10.2 million in the 2001 first quarter, compared with $11.3 million in the
 same 2000 period.
 
                            Interactive - Pro Forma
 
     In the 2001 first quarter, interactive pro forma revenues rose 34 percent
 to $13.7 million, up from $10.3 million in the same period last year primarily
 on higher classified revenues.  For the 2001 first quarter, interactive
 operating losses decreased 34 percent to $10.2 million, from $15.6 million in
 the 2000 first quarter.
 
                                 Equity Results
 
     Reported equity losses for the 2001 first quarter were $19.9 million, up
 from $17.7 million in 2000.  The losses were primarily due to Tribune's
 ownership interests in BrassRing, CareerBuilder, Classified Ventures, and The
 WB Network.
 
                               Interest and Taxes
 
     Interest expense for the 2001 first quarter rose to $64.6 million, up from
 $30.5 million in 2000.  This increase resulted from interest on debt used to
 fund the Times Mirror merger and the assumption of Times Mirror's existing
 debt.
     Tribune repurchased 2.7 million shares in the 2001 first quarter.
     The effective tax rate in the 2001 first quarter, excluding non-operating
 items, increased to 46 percent, from 40 percent in 2000.  The higher effective
 tax rate in the first quarter was mainly due to the Times Mirror acquisition.
 
                              Non-operating Items
 
     In the 2001 first quarter, Tribune recorded a $.01 per diluted share gain
 from marking the company's derivatives and related AOL Time Warner and Mattel
 investments to market.
 
                                    Outlook
 
     For the second quarter of 2001, diluted EPS is expected to be about
 30 cents.
 
                          Web Cast of Conference Call
 
     Today at 4:00 p.m. (CDT), a live Web cast of the 2001 first quarter
 conference call will be accessible through www.tribune.com and
 www.streetfusion.com .  An archive of the Web cast will be available on these
 sites from Wed., Apr. 18 through Wed., May 2.  More information on Tribune is
 available on the Internet at www.tribune.com or by calling 1-800-757-1694.
     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.  Such comments and statements
 should be understood in the context of Tribune's publicly available reports
 filed with the SEC, including the most current annual report, 10-K and 10-Q,
 which contain a discussion of various factors that may affect the company's
 business.  These factors could cause actual future performance to differ
 materially from current expectations.
     Tribune Company is not responsible for updating the information contained
 in this press release beyond the published date, nor for changes made to this
 document by wire services or Internet service providers.
     TRIBUNE (NYSE:   TRB) is one of the country's premier media companies,
 operating businesses in broadcasting, publishing and on the Internet.  It
 reaches more than 80 percent of U.S. households, and is the only media company
 with television stations, newspapers and Web sites in the nation's top three
 markets.  Tribune's annualized revenues total approximately $6 billion and the
 company employs more than 22,000 people nationwide.
 
 
                                   TRIBUNE COMPANY
                    FIRST QUARTER RESULTS OF OPERATIONS (Unaudited)
                       (In thousands, except per share data)
 
                                              FIRST QUARTER(A)
                                        ----------------------------
                                                                 %
                                           2001        2000   Change
                                        ---------   --------- ------
     OPERATING REVENUES               $ 1,292,802 $   724,233   79
                                        ---------   ---------
 
     OPERATING PROFIT                 $   202,699 $   171,982   18
 
     Net Loss on Equity Investments(B)    (19,861)    (17,669)  12
     Interest Income                        2,066      14,237  (85)
     Interest Expense                     (64,600)    (30,519) 112
                                        ---------   ---------
     Income from Continuing Operations
       Before Taxes and Non-Operating
       Items                              120,304     138,031  (13)
 
     Income Taxes Related to Operations   (55,340)    (55,310)   -
                                        ---------   ---------
     Income from Continuing Operations
       Before Non-Operating Items          64,964      82,721  (21)
 
     Non-Operating Items (C):
        Gain(Loss) on Change in Fair
          Values of Derivatives and
          Related Investments               9,116     (36,299)  NM
        Gain on Sales of Investments          198      13,011  (98)
                                        ---------   ---------
        Total Non-Operating Items           9,314     (23,288)  NM
 
        Income Taxes Related to
          Non-Operating Items              (3,633)      8,926   NM
                                        ---------   ---------
     Income from Continuing Operations     70,645      68,359    3
 
     Loss from Discontinued
       Operations, net of tax (D)             -          (721)(100)
                                        ---------   ---------
     NET INCOME                            70,645      67,638    4
 
     Preferred Dividends, net of tax       (6,699)     (4,455)  50
                                        ---------   ---------
     Net Income Attributable to Common
       Shares                         $    63,946 $    63,183    1
                                        =========   =========
     EARNINGS PER SHARE
     Basic:
        From continuing operations
          Before non-operating
            items                     $       .19 $       .33  (42)
                                        ---------   ---------
          Including non-operating
            items                     $       .21 $       .27  (22)
        Discontinued operations               -           -      -
                                        ---------   ---------
        Total                         $       .21 $       .27  (22)
                                        =========   =========
     Diluted:
        From continuing operations
          Before non-operating
            items                     $       .19 $       .31  (39)
                                        ---------   ---------
          Including non-operating
            items                     $       .20 $       .25  (20)
        Discontinued operations               -           -      -
                                        ---------   ---------
        Total (E)                     $       .20 $       .25  (20)
                                        =========   =========
 
     DIVIDENDS PER COMMON SHARE       $       .11 $       .10   10
                                        ---------   ---------
     Weighted Average Common
       Shares Outstanding(F)              299,656     236,202   27
                                        ---------   ---------
     Cash Earnings from Continuing Operations
       Before Non-Operating Items(G)
          Amount                      $   123,886 $   102,501   21
                                        ---------   ---------
          Per diluted share           $       .36 $       .38   (5)
                                        ---------   ---------
 
 
     (A) 2001 quarter:  Jan. 1, 2001 to April 1, 2001. (13 weeks)
         2000 quarter:  Dec. 27, 1999 to March 26, 2000. (13 weeks)
 
     (B) Prior to the Times Mirror merger, Tribune owned 17% of Classified
         Ventures and 18% of CareerPath.com and accounted for these investments
         under the cost method.  Subsequent to the merger, Tribune's ownership
         interests in both of these investments exceeded 20%, as Times Mirror
         also had interests in these companies.  As a result, these investments
         are now accounted for under the equity method.  First quarter 2000
         results have been restated to reflect equity losses for Tribune's
         pre-merger 17% ownership in Classified Ventures and 18% ownership in
         CareerPath.com.  As a result of the restatement, first quarter 2000
         equity losses increased by $5.7 million and first quarter 2000 net
         income decreased by $3.4 million, or $.01 per diluted share.  In
         September 2000, CareerBuilder, a new joint venture of which Tribune
         owns 46%, absorbed the operations of CareerPath.com.
 
     (C) The first quarter of 2001 included the following non-operating items:
 
                                     Pretax      Diluted
                                      Gain         EPS
                                    ---------   ---------
     Net change in fair values of
       PHONES, DECS, PEPS and
       related AOL Time Warner
       ("AOL") and Mattel shares  $     9,116 $       .01
     Sale of investments                  198           -
                                    ---------   ---------
     Total non-operating items    $     9,314 $       .01
                                    =========   =========
 
     The first quarter of 2000 included the following
     non-operating items:
                                     Pretax      Diluted
                                   Gain(Loss)      EPS
                                    ---------   ---------
     Net change in fair values of
       PHONES, DECS and AOL collar
       derivatives and related AOL
       and Mattel shares          $   (36,299)$      (.09)
     Sale of AOL common stock          13,011         .03
                                    ---------   ---------
     Total non-operating items    $   (23,288)$      (.06)
                                    =========   =========
 
     (D) Tribune Education was sold to The McGraw-Hill Companies on Sept. 5,
         2000 for approximately $686 million, including the related tax benefit
         of $22 million. The accompanying first quarter financial statements
         reflect the Education segment as discontinued operations.
 
 
     (E) Diluted EPS is computed assuming that the Series B convertible
         preferred shares and the LYONs debt securities are converted into
         common shares. Also, weighted average common shares outstanding is
         adjusted for the dilutive effect of stock options. The Company has
         certain other convertible securities which are not included in the
         calculation of diluted EPS because their effects are antidilutive.
         Following is the calculation of diluted EPS for the first quarter:
 
                                        First Quarter
                                    ---------------------
                                      2001        2000
                                    ---------   ---------
     Net income                   $    70,645 $    67,638
     Additional ESOP contribution
       required assuming Series B
       preferred shares were
       converted, net of tax           (2,654)     (2,808)
     Dividends for Series C, D-1,
       and D-2 preferred stock         (2,014)        -
     LYONs interest expense,
       net of tax                       1,515         -
                                    ---------   ---------
     Adjusted net income          $    67,492 $    64,830
                                    ---------   ---------
 
     Weighted average common
       shares outstanding             299,656     236,202
     Assumed conversion of Series
       B preferred shares into
       common                          18,408      19,472
     Assumed exercise of stock
       options, net of common shares
       assumed repurchased              6,500       3,495
     Assumed conversion of
       LYONs debt securities            7,272          -
                                    ---------   ---------
     Adjusted weighted average
       common shares outstanding      331,836     259,169
                                    ---------   ---------
 
     Diluted earnings per share   $       .20 $       .25
                                    ---------   ---------
 
     (F) The number of common shares outstanding, in thousands,
         at April 1, 2001 was 299,184.
 
     (G) Cash earnings is computed as income from continuing
         operations before non-operating items plus
         amortization of goodwill and other intangible assets.
         The calculations are summarized as follows:
 
                                         First Quarter 2001
                                    ----------------------------
                                     Amount    Per Diluted Share
                                    ---------  -----------------
     Income from continuing
        operations, before
        non-operating items       $    64,964    $       .19
     Amortization of intangible
        assets                         58,922            .17
                                    ---------      ---------
     Cash earnings                $   123,886    $       .36
                                    =========      =========
 
                                         First Quarter 2000
                                    ----------------------------
                                     Amount    Per Diluted Share
                                    ---------  -----------------
     Income from continuing
        operations, before
        non-operating items       $    82,721    $       .31
     Amortization of intangible
        assets                         19,780            .07
                                    ---------      ---------
     Cash earnings                $   102,501    $       .38
                                    =========      =========
 
 
                               TRIBUNE COMPANY(A)
                       BUSINESS SEGMENT DATA (Unaudited)
                                 (In thousands)
 
                                            FIRST QUARTER
                                    ------------------------------
                                    (13 weeks)   (13 weeks)    %
                                       2001         2000    Change
     BROADCASTING AND ENTERTAINMENT ---------    ---------  ------
      Revenues
         Television               $   263,629   $  285,653     (8)
         Radio                         12,281       12,908     (5)
         Entertainment/Other           14,158       12,959      9
                                    ---------    ---------
         Total                        290,068      311,520     (7)
 
      EBITDA (B)
         Television                   102,042      113,554    (10)
         Radio                          4,032        3,603     12
         Entertainment/Other           (6,315)      (4,650)   (36)
                                    ---------    ---------
         Total                         99,759      112,507    (11)
 
      Operating Profit
         Television                    74,288       86,124    (14)
         Radio                          3,688        3,249     14
         Entertainment/Other           (7,255)      (5,678)   (28)
                                    ---------    ---------
         Total                    $    70,721   $   83,695    (16)
 
     PUBLISHING
      Revenues
       Daily Newspapers           $   884,550   $  369,387    139
       Other Publications/Services    104,441       38,060    174
                                    ---------    ---------
       Total                          988,991      407,447    143
 
      EBITDA
       Daily Newspapers               216,437      125,474     72
       Other Publications/Services     17,873        4,418    305
                                    ---------    ---------
       Total                          234,310      129,892     80
 
      Operating Profit
       Daily Newspapers               146,722      106,352     38
       Other Publications/Services      9,339        1,942    381
                                    ---------    ---------
       Total                      $   156,061   $  108,294     44
 
     INTERACTIVE
      Revenues                    $    13,743   $    5,266    161
 
      EBITDA                           (7,039)     (10,191)    31
 
      Operating Profit            $   (10,248)  $  (11,321)     9
 
     CORPORATE EXPENSES
      EBITDA                      $   (12,473)  $   (8,070)   (55)
 
      Operating Profit            $   (13,835)  $   (8,686)   (59)
 
     CONSOLIDATED
      Revenues                    $ 1,292,802   $  724,233     79
 
      EBITDA                          314,557      224,138     40
 
      Operating Profit            $   202,699   $  171,982     18
 
     (A)Times Mirror operating results are included beginning on April 17,
        2000.  Education operating results are excluded from both periods
        presented.
 
     (B)EBITDA is earnings before interest, taxes, depreciation, amortization
        of intangible assets, equity results and non-operating items.
 
                                  TRIBUNE COMPANY
                     PRO FORMA RESULTS OF OPERATIONS (Unaudited)
                              (Dollars in thousands)
 
 
                                                      FIRST QUARTER
                                           ------------------------------------
                                                                           %
                                             2001              2000      Change
                                           ---------         ---------   ------
     OPERATING REVENUES
        Broadcasting
         and Entertainment                $  290,068        $  311,520    (7)
        Publishing                           988,991         1,011,585    (2)
        Interactive                           13,743            10,287    34
                                           ---------         ---------
     Total operating revenues             $1,292,802        $1,333,392    (3)
                                           ---------         ---------
 
     EBITDA
        Broadcasting
         and Entertainment                $   99,759        $  112,507   (11)
        Publishing                           234,310           286,435   (18)
        Interactive                           (7,039)          (12,478)   44
        Corporate Expenses                   (12,473)          (20,053)   38
                                           ---------         ---------
     Total EBITDA                         $  314,557        $  366,411   (14)
                                           ---------         ---------
 
     OPERATING PROFIT
        Broadcasting
         and Entertainment                $   70,721        $   83,695   (16)
        Publishing                           156,061           205,091   (24)
        Interactive                          (10,248)          (15,640)   34
        Corporate Expenses                   (13,835)          (21,700)   36
                                           ---------         ---------
     Total operating profit               $  202,699        $  251,446   (19)
 
     Net Loss on Equity
      Investments                            (19,861)          (12,114)   64
                                           ---------         ---------
     Operating profit,
      net of equity results               $  182,838        $  239,332   (24)
                                           ---------         ---------
 
        Pro forma data assumes that Times Mirror was acquired as
        of the beginning of fiscal 2000.  This provides comparable
        financial information for year over year comparisons.
 
        Pro forma data does not reflect any potential cost savings,
        revenue enhancements, or other synergies.
 
                                     TRIBUNE COMPANY
                        PRO FORMA SUMMARY OF REVENUES (Unaudited) (A)
                           For Period 3 Ended April 1, 2001
                                   (In thousands)
 
                        Period 3 (4 weeks)           Year-to-Date (13 weeks)
                      Actual    Pro Forma           Actual      Pro Forma
                       2001        2000      %       2001         2000       %
     Broadcasting & ----------  ----------  ---  -----------   -----------  ---
      Entertainment
     --------------
      Television(B) $   87,703  $   96,084   (9) $   263,629  $   285,653   (8)
      Radio              5,681       5,777   (2)      12,281       12,908   (5)
      Enter./Other       6,727       5,567   21       14,158       12,959    9
                    ----------  ----------       -----------  -----------
      Segment
       Total(C)        100,111     107,428   (7)     290,068      311,520   (7)
                    ----------  ----------       -----------  -----------
     Publishing
     ----------
      Advertising
        Retail          98,040      99,546   (2)     301,112      292,551    3
        National        54,301      61,722  (12)     182,791      190,071   (4)
        Classified      87,526     103,005  (15)     288,514      318,105   (9)
                    ----------  ----------       -----------  -----------
        Sub-Total      239,867     264,273   (9)     772,417      800,727   (4)
      Circulation       51,284      51,290    -      165,630      163,052    2
      Other             17,663      15,283   16       50,944       47,806    7
                    ----------  ----------       -----------  -----------
      Segment
       Total(D)        308,814     330,846   (7)     988,991    1,011,585   (2)
                    ----------  ----------       -----------  -----------
     Interactive         4,704       3,436   37       13,743       10,287   34
                    ----------  ----------       -----------  -----------
     Consol.
      Rev.(E)       $  413,629  $  441,710   (6) $ 1,292,802  $ 1,333,392   (3)
                    ==========  ==========       ===========  ===========
 
     (A)The pro forma 2000 data assumes that Times Mirror was acquired as of
        the beginning of fiscal 2000.  The pro forma data does not reflect any
        potential revenue enhancements or other synergies.
 
     (B)Includes WATL-Atlanta and WNOL-New Orleans, acquired in February 2000.
        On a same station basis, television revenues decreased 9% for the
        year-to-date.  Year-to-date includes copyright royalties of
        $10.4 million in 2001 and $11.6 million in 2000.  Period 3 includes
        copyright royalties of $4.5 million in 2001 and $0.3 million in 2000.
        Excluding these copyright royalties, television revenues decreased 13%
        for the period.
 
     (C)Excluding acquisitions, broadcasting and entertainment revenues
        decreased 8% for the year-to-date.
 
     (D)Times Mirror's and Tribune's 2000 fiscal years began on different days.
        This difference resulted in the seven newly acquired newspapers having
        five extra days in Period 1, 2001 compared to Period 1, 2000.
        Excluding the effect of these extra days, total publishing revenues
        decreased 4% for the year-to-date, while advertising revenues decreased
        5% from last year.  Retail revenue was up 1%; national and classified
        advertising were below last year by 6% and 10%, respectively.
 
     (E)Excluding the television station acquisitions, copyright royalties and
        the extra days in 2001 for the seven newly acquired newspapers,
        consolidated revenues decreased 5% for the year-to-date. Excluding
        copyright royalties, consolidated revenues decreased 7% for the period.
 
 
                                  TRIBUNE COMPANY
       PRO FORMA SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited)(A)(B)(C)
                          For Period 3 Ended April 1, 2001
                                 (In thousands)
 
                         Period 3 (4 weeks)             Year-to-Date (13 weeks)
                       Actual     Pro Forma          Actual      Pro Forma
                        2001        2000      %       2001         2000      %
                     ----------  ----------  ---    ---------    ---------  ---
     Full Run
     --------
     L.A. Times            207         241  (14)         679          745   (9)
     Chicago
      Tribune              174         193  (10)         556          610   (9)
     Newsday               129         130   (1)         384          375    2
     Baltimore Sun         137         160  (14)         443          472   (6)
     South Florida         345         336    3        1,058        1,033    2
     Orlando
      Sentinel             210         209    -          687          657    5
     Other
      Dailies (D)          432         484  (11)       1,323        1,429   (7)
                    ----------  ----------         ---------    ---------
     Total               1,634       1,753   (7)       5,130        5,321   (4)
                    ==========  ==========         =========    =========
 
     Part Run
     --------
     L.A. Times            386         486  (21)       1,240        1,544  (20)
     Chicago
      Tribune              478         454    5        1,355        1,292    5
     Newsday               123         138  (11)         377          395   (5)
     Baltimore Sun          33          31    6           77           95  (19)
     South Florida         315         233   35          884          755   17
     Orlando
      Sentinel             158         131   21          467          424   10
     Other
      Dailies (D)           71          80  (11)         216          218   (1)
                    ----------  ----------         ---------    ---------
     Total               1,564       1,553    1        4,616        4,723   (2)
                    ==========  ==========         =========    =========
 
     Total Advertising Inches
     ------------------------
     Full Run
       Retail              493         536   (8)       1,536        1,608   (4)
       National            283         312   (9)         880          957   (8)
       Classified          858         905   (5)       2,714        2,756   (2)
                    ----------  ----------         ---------    ---------
       Sub-Total         1,634       1,753   (7)       5,130        5,321   (4)
     Part Run            1,564       1,553    1        4,616        4,723   (2)
                    ----------  ----------         ---------    ---------
     Total               3,198       3,306   (3)       9,746       10,044   (3)
                    ==========  ==========         =========    =========
 
 
 
 
     Preprint Pieces (E)
     -------------------
     L.A. Times        186,771     213,008  (12)     595,872      572,823    4
     Chicago
      Tribune          209,467     220,715   (5)     649,759      640,034    2
     Newsday           170,660     171,098    -      524,105      491,870    7
     Baltimore Sun      66,659      68,173   (2)     199,989      195,817    2
     South Florida      60,177      54,065   11      185,453      168,337   10
     Orlando
      Sentinel          65,156      59,540    9      186,411      177,686    5
     Other
      Dailies (D)       85,487      87,964   (3)     260,184      258,004    1
                    ----------  ----------        ----------   ----------
     Total             844,377     874,563   (3)   2,601,773    2,504,571    4
                    ==========  ==========        ==========   ==========
 
 
     (A) The pro forma 2000 data assumes that Times Mirror was acquired as of
         the beginning of fiscal 2000.  The pro forma data does not reflect any
         potential revenue enhancements or other synergies.
 
     (B) Volume is based on preliminary internal data, which may be updated in
         subsequent reports.
 
     (C) Excludes Sun-Sentinel Community News Group, shopper and certain
         targeted publications.
 
     (D) Other daily newspapers include The Hartford Courant, The Morning Call,
         Daily Press, The Advocate and Greenwich Time.
 
     (E) Preprint amounts have been restated to reflect pieces, rather
         than inches.
 
 SOURCE  Tribune Company