Tribune Company Statement on Solvency Opinions

Fri Jan 16, 2009 8:19pm EST

* Reuters is not responsible for the content in this press release.

CHICAGO, Jan. 16 /PRNewswire/ -- In an effort to clear up any confusion
resulting from media coverage of today's 341 Meeting in connection with
Tribune Company's Chapter 11 filing, Chief Financial Officer Chandler Bigelow
issued the following statement regarding the solvency opinions the company
received as part of its 2007 going-private transaction:
    "Tribune received two solvency opinions from an independent valuation firm
with regard to this transaction. The first was obtained in May 2007, during
the first-step tender offer portion of the transaction.  The second opinion
was received in December 2007, and addressed the solvency of the company
immediately after giving effect to the closing of the transaction.  Completion
of the transaction was contingent on the receipt of this December 2007 opinion
confirming the company's solvency.  Both opinions reached the same conclusion,
that Tribune was solvent.
    The first opinion was filed publicly in connection with the company's
tender offer which closed in June 2007; federal securities laws governing
tender offers required this filing. Because no similar filing requirement
applied to the December 2007 solvency opinion, the company did not publicly
file this second opinion."
    TRIBUNE is America's largest employee-owned media company, operating
businesses in publishing, interactive and broadcasting. In publishing,
Tribune's leading daily newspapers include the Los Angeles Times, Chicago
Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel,
Hartford Courant, Morning Call and Daily Press. The company's broadcasting
group operates 23 television stations, WGN America 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. At Tribune we take what we do
seriously and with a great deal of pride. We also value the creative spirit
and nurture a corporate culture that doesn't take itself too seriously.
SOURCE  Tribune Company

Gary Weitman, SVP|Corporate Relations of Tribune Company, +1-312-222-3394,
gweitman@tribune.com
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