TRIBUNE COMPANY Period HIGHLIGHTS

Transcription

1 TRIBUNE COMPANY 2007 HIGHLIGHTS EXCLUDING NON-OPERATING ITEMS, SPECIAL ITEMS AND DISCONTINUED OPERATIONS Change from 2006 COMPARISONS TO 2006: 2007 $ % Diluted EPS: $.25 +$ % A 34% decline in net income, primarily due to higher interest expense, was more than offset by a 48% reduction in average shares outstanding. Operating Cash Flow: Publishing $81 M - N/A Operating cash flow was flat as an $11 million decline in revenues (advertising -$12M, circulation -$2M and other +$3M) was largely offset by lower newsprint and ink (-$8M) and compensation (-$2M) expenses. Broadcasting & Entertainment $35 M -$1 M -2% Television group operating cash flow was down $4M primarily due to lower revenues (-$5M), partially offset by lower cash expenses (+$1M); radio/entertainment operating cash flow was up $3M due to higher revenues for Tribune Entertainment (+$1M) and the Cubs (+$2M). Corporate Expenses -$3 M +1 M +29% Total Operating Cash Flow $113 M - N/A Equity Income $11 M +3 M +41% Higher equity income was primarily due to an increase for TV Food Network (+$3M) and Comcast SportsNet Chicago (+$1M), partially offset by a loss at Metromix (-$1M). Interest Expense $54 M +$28 M +109% Higher interest expense was primarily due to higher debt levels, including financing the repurchase of 126 million shares in June Consolidated - 1

2 Tribune Company Results of Operations (Thousands of Dollars, Except Per Share Data) EXCLUDES NON-OPERATING ITEMS, SPECIAL ITEMS AND DISCONTINUED OPERATIONS Operating Revenues(1) 309, , ,755 (21,796) (7) (11,355) (4) Publishing 3,308,358 3,527,881 3,557,673 (219,523) (6) (249,315) (7) 104, , ,793 (2,502) (2) (2,746) (3) Broadcasting & Entertainment(2) 1,282,188 1,284,013 1,287,167 (1,825) - (4,979) - 413, , ,548 (24,298) (6) (14,101) (3) Total 4,590,546 4,811,894 4,844,840 (221,348) (5) (254,294) (5) Operating Expenses(1) 242, , ,100 (11,316) (4) (10,765) (4) Publishing(3) 2,772,072 2,901,696 2,892,466 (129,624) (4) (120,394) (4) 72,897 73,646 74,918 (749) (1) (2,021) (3) Broadcasting & Entertainment 937, , ,822 (9,658) (1) 6, ,102 4,286 4,372 (1,184) (28) (1,270) (29) Corporate Expenses(3) 49,125 57,027 56,557 (7,902) (14) (7,432) (13) 318, , ,390 (13,249) (4) (14,056) (4) Total 3,758,754 3,905,938 3,879,845 (147,184) (4) (121,091) (3) Operating Profit(1) 67,065 77,545 67,655 (10,480) (14) (590) (1) Publishing(3) 536, , ,207 (89,899) (14) (128,921) (19) 31,150 32,903 31,875 (1,753) (5) (725) (2) Broadcasting & Entertainment(2) 344, , ,345 7,833 2 (11,714) (3) (3,102) (4,286) (4,372) 1, , Corporate Expenses(3) (49,125) (57,027) (56,557) 7, , , ,162 95,158 (11,049) (10) (45) - Total 831, , ,995 (74,164) (8) (133,203) (14) 11,274 10,065 8,000 1, , Equity Income/(Loss) 88,033 57,877 64,246 30, , , ,186 2, , Interest and Dividend Income 17,645 11,181 11,758 6, , (57,452) (24,134) (27,179) (33,318) (138) (30,273) (111) Interest Expense (500,708) (294,385) (235,258) (206,323) (70) (265,450) (113) 51,944 93,027 77,165 (41,083) (44) (25,221) (33) Income before income taxes 436, , ,741 (243,867) (36) (368,979) (46) (21,069) (35,583) (30,673) 14, , Income taxes (177,151) (260,341) (319,361) 83, , ,875 57,444 46,492 (26,569) (46) (15,617) (34) Net Income 259, , ,380 (160,677) (38) (226,769) (47) NM - NM Preferred dividends-net(4) - - (6,309) - NM 6, Net Income Attributable 30,875 57,444 46,492 (26,569) (46) (15,617) (34) to Common 259, , ,071 (160,677) (38) (220,460) (46) Earnings Per Share Basic (0.27) (15) (0.25) (14) Diluted(5) (0.29) (17) (0.27) (16) Weighted Average Shares (000's) 118, , ,951 (122,158) (51) (120,441) (50) Basic 175, , ,953 (64,254) (27) (101,114) (37) 126, , ,360 (115,815) (48) (114,697) (48) Diluted(5)(6) 181, , ,666 (60,633) (25) (97,235) (35) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) and year to date 2007 include additional cable royalty revenues of $4.7 million and $22.8 million, respectively. (3) Excludes severance expense related to cost reduction initiatives and other special charges. (4) As a result of the TMCT transactions in September 2006 the Company no longer has any preferred stock outstanding. (5) Actual 2007 diluted average shares for and year to date include 5,882,353 and 3,861,765 shares of common stock, respectively, for the assumed conversion of the Zell exchangeable promissory note. (6) Diluted average shares declined from last year primarily due to repurchases of common stock in June 2007 and the second half of Consolidated - 2

3 Tribune Company Results of Operations EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Operating Expenses by Type(1) Cash Expenses 121, , ,675 (5,712) (4) (3,905) (3) Compensation(2) 1,548,223 1,627,842 1,602,189 (79,619) (5) (53,966) (3) 31,886 35,180 40,117 (3,294) (9) (8,231) (21) Newsprint & ink 376, , ,969 (23,994) (6) (71,416) (16) 28,678 29,257 26,885 (579) (2) 1,793 7 Broadcast rights amortization 302, , ,715 (3,660) (1) (8,391) (3) 118, , ,464 (2,073) (2) (4,099) (3) Other cash expenses(2) 1,325,603 1,351,105 1,318,740 (25,502) (2) 6, , , ,141 (11,658) (4) (14,442) (5) Total cash expenses 3,552,703 3,685,478 3,679,613 (132,775) (4) (126,910) (3) 17,635 19,226 17,249 (1,591) (8) Depreciation and amortization 206, , ,232 (14,409) (7) 5, , , ,390 (13,249) (4) (14,056) (4) Total operating expenses 3,758,754 3,905,938 3,879,845 (147,184) (4) (121,091) (3) Operating Cash Flow(1) 80,657 92,436 80,873 (11,779) (13) (216) - Publishing(2) 695, , ,386 (102,457) (13) (123,187) (15) 35,110 37,122 35,812 (2,012) (5) (702) (2) Broadcasting & Entertainment(3) 390, , ,177 6,350 2 (11,406) (3) (3,019) (4,170) (4,278) 1, , Corporate Expenses(2) (48,127) (55,661) (55,336) 7, , , , ,407 (12,640) (10) Total 1,037,843 1,126,416 1,165,227 (88,573) (8) (127,384) (11) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Excludes severance expense related to cost reduction initiatives and other special charges. (3) and year to date 2007 include additional cable royalty revenues of $4.7 million and $22.8 million, respectively. Consolidated - 3

4 Tribune Company Summary of Total Compensation EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Publishing(1)(2) Broadcasting & Entertainment Corporate(2) Service Centers(2) Consolidated(1)(2) Change % Change % Change % Change % Change % Direct Pay: Non-Union Regular/Other 58,043 59,019 (976) (1.7) 10,695 10, ,137 1,468 (331) (22.5) 2,245 1, ,120 72,973 (853) (1.2) Overtime 1,395 1,675 (280) (16.7) NM ,600 1,862 (262) (14.1) Incentives (Incl. MIP) 7,456 5,159 2, ,460 2, (91) (23.8) ,826 7,934 2, Total 66,894 65,853 1, ,331 13, ,429 1,850 (421) (22.8) 2,892 2, ,546 82,769 1, Union: Regular/Other 8,759 8,990 (231) (2.6) 6,144 7,213 (1,069) (14.8) ,903 16,203 (1,300) (8.0) Overtime 1, (52) (18.5) ,281 1, Total 9,811 9,842 (31) (0.3) 6,373 7,494 (1,121) (15.0) ,184 17,336 (1,152) (6.6) Total Direct Pay 76,705 75,695 1, ,704 20,555 (851) (4.1) 1,429 1,850 (421) (22.8) 2,892 2, , , Stock-Based Compensation 1, NM 2,169 1, Benefits: Medical/Life/LTD Insurance 6,699 7,335 (636) (8.7) 1,095 1,139 (44) (3.9) (2) (1.6) ,125 8,799 (674) (7.7) Pension/Retirement 2,070 5,768 (3,698) (64.1) 713 1,141 (428) (37.5) (576) (76.8) (21) (13.2) 3,095 7,818 (4,723) (60.4) Payroll Taxes/Other Fringe 5,144 5, (70) (7.1) (14) (18.2) ,255 6,302 (47) (0.7) Workers Compensation 1,330 1, (96) (61.9) 6 21 (15) (71.4) ,396 1, Total Benefits 15,243 19,415 (4,172) (21.5) 2,777 3,415 (638) (18.7) (607) (62.6) ,871 24,272 (5,401) (22.3) Total before Service Center 93,217 95,904 (2,687) (2.8) 23,010 24,258 (1,248) (5.1) 2,129 3,036 (907) (29.9) 3,414 2, , ,675 (3,905) (3.1) Service Center allocations 3,233 2, (23) (11.3) NM Total Compensation 96,450 98,177 (1,727) (1.8) 23,191 24,462 (1,271) (5.2) 2,129 3,036 (907) (29.9) Publishing(1)(2) Broadcasting & Entertainment Corporate(2) Service Centers(2) Consolidated(1)(2) Change % Change % Change % Change % Change % Direct Pay: Non-Union Regular/Other 681, ,331 (4,403) (0.6) 133, ,192 (154) (0.1) 14,841 16,836 (1,995) (11.8) 24,349 22,310 2, , ,669 (4,513) (0.5) Overtime 11,606 14,444 (2,838) (19.6) 1,785 1, (5) (41.7) ,708 16,421 (2,713) (16.5) Incentives (Incl. MIP) 79,538 88,682 (9,144) (10.3) 41,188 37,889 3, ,315 4,385 (1,070) (24.4) 3,846 2,344 1, , ,300 (5,413) (4.1) Total 773, ,457 (16,385) (2.1) 176, ,806 3, ,163 21,233 (3,070) (14.5) 28,505 24,894 3, ,751 1,008,390 (12,639) (1.3) Union: Regular/Other 103, ,250 (3,920) (3.7) 156, ,620 7, , ,870 3, Overtime 6,877 6, ,136 3, ,013 9, Total 110, ,952 (3,745) (3.3) 159, ,642 7, , ,594 3, Total Direct Pay 883, ,409 (20,130) (2.2) 335, ,448 10, ,163 21,233 (3,070) (14.5) 28,505 24,894 3, ,265,724 1,274,984 (9,260) (0.7) Stock-Based Compensation 19,143 13,848 5, ,406 4,966 2, ,060 10, NM 37,770 29,307 8, Benefits: Medical/Life/LTD Insurance 80,064 80,714 (650) (0.8) 14,370 12,191 2, ,446 1, ,243 2, ,123 96,331 1, Pension/Retirement 21,035 65,677 (44,642) (68.0) 12,001 17,594 (5,593) (31.8) 1,899 8,252 (6,353) (77.0) 1,312 1,656 (344) (20.8) 36,247 93,179 (56,932) (61.1) Payroll Taxes/Other Fringe 73,636 75,727 (2,091) (2.8) 17,352 16, ,448 1, ,946 1, ,382 95,213 (831) (0.9) Workers Compensation 13,783 12,324 1, , , (204) (82.6) ,977 13,175 2, Total Benefits 188, ,442 (45,924) (19.6) 45,861 47,043 (1,182) (2.5) 4,836 11,020 (6,184) (56.1) 5,514 5, , ,898 (53,169) (17.8) Total before Service Center 1,090,940 1,151,699 (60,759) (5.3) 389, ,457 11, ,059 42,746 (8,687) (20.3) 34,180 30,287 3, ,548,223 1,602,189 (53,966) (3.4) Service Center allocations 32,066 27,854 4, ,114 2,433 (319) (13.1) NM Total Compensation 1,123,006 1,179,553 (56,547) (4.8) 391, ,890 11, ,059 42,746 (8,687) (20.3) (1) Operating results for Hoy New York, SCNI and Southern California Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) and year to date 2007 exclude severance expense related to cost reduction initiatives. Year to date 2006 excludes charges associated with the union settlement at Newsday. Consolidated - 4

5 Tribune Company Summary of Equity Income/(Loss) Equity Income/(Loss) Publishing 1,725 2,557 1,323 (832) (33) CareerBuilder (40.8%)(1) 1,709 (1,094) (9,612) 2, , (277) (52) (253) (50) Classified Ventures (27.8%) 3, ,385 3, , (39) (45) 5 12 TMS Operations (10) (3) (550) (634) (1,029) ShopLocal (42.5%) (6,090) (8,429) (7,071) 2, (148) (59) (93) (89) (151) (55) (59) Topix (33.7%) (1,934) (2,717) (815) (1,119) (137) - (12) (11) Consumer Networks(2) (30) (174) (135) (1,182) - - (1,182) NM (1,182) NM Metromix (50%) (1,268) - - (1,268) NM (1,268) NM - - (206) - NM BrassRing, Inc. (26.9%)(3) - - (1,000) - NM 1, (1,300) - 1, NM Interactive initiatives - (8,800) - 8, NM (4) (413) (145) (103) Other 132 (2,891) 1,529 3, (1,397) (91) (614) (81) (532) (79) Sub-total (3,260) (23,313) (15,497) 20, , Broadcasting & Entertainment 9,013 8,222 5, , TV Food Network (31.3%) 73,027 69,927 63,415 3, , ,147 1,118 1,537 1, Comcast SportsNet Chicago (25.3%)(4) 17,359 9,635 9,569 7, , MLB Advanced Media (3.33%) 1,870 1,598 1, NM - NM Montreal Expos(5) NM (409) (100) 11,378 9,476 7,337 1, , Sub-total 92,256 81,160 74,640 11, , Corporate NM (206) (100) TMCT I and II(6) 1,642 2,356 7,523 (714) (30) (5,881) (78) (217) (217) (261) Low Income Housing (2,553) (2,552) (3,006) (1) (27) (79) (152) (73) (159) Legacy.com (39.1%) (52) (278) (123) (638) (109) (244) (165) (9) (79) (48) (235) (2,611) Sub-total (963) 30 5,103 (993) (3,310) (6,066) (119) 11,274 10,065 8,000 1, , Total Equity Income/(Loss) 88,033 57,877 64,246 30, , (1) Year to date 2006 excludes Tribune's share ($5.9 million) of a one-time, favorable tax adjustment. (2) Tribune's investment in Consumer Networks was written off in the second quarter of (3) Tribune's investment in BrassRing was sold in November (4) and year to date 2006 include a reserve of $.8 million and $4.8 million, respectively, related to a revenue sharing dispute with Major League Baseball. No additional reserves were recorded in (5) Tribune's investment in the Montreal Expos was sold in July (6) The Company's investment in the TMCT I and II Portfolios was reduced from 20% to 5% in September 2006 and was fully redeemed in September Consolidated - 5

6 TRIBUNE COMPANY SUMMARY OF REVENUES AND NEWSPAPER ADVERTISING VOLUME (Unaudited) For Ended November 25, 2007 (In thousands) (4 weeks) (47 weeks) % % Change Change Publishing (A) Advertising Retail $ 119,660 $ 111, $ 1,105,814 $ 1,143,385 (3.3) National 62,851 61, , ,762 (3.1) Classified 61,864 83,794 (26.2) 865,988 1,049,889 (17.5) Sub-Total 244, ,939 (4.9) 2,582,774 2,824,036 (8.5) Circulation 40,605 42,550 (4.6) 476, ,657 (5.6) Other 24,420 21, , , Segment Total 309, ,755 (3.5) 3,308,358 3,557,673 (7.0) Broadcasting & Entertainment Television (B) 96, ,563 (4.8) 1,025,967 1,050,889 (2.4) Radio/Entertainment 7,328 5, , , Segment Total 104, ,793 (2.6) 1,282,188 1,287,167 (0.4) Consolidated Revenues (A)(B) $ 413,447 $ 427,548 (3.3) $ 4,590,546 $ 4,844,840 (5.2) Total Advertising Inches (A)(C) Full Run Retail ,640 4,702 (1.3) National ,479 2,725 (9.0) Classified (14.7) 7,249 8,597 (15.7) Sub-Total 1,291 1,369 (5.7) 14,368 16,024 (10.3) Part Run 1,334 1,685 (20.8) 16,652 19,157 (13.1) Total 2,625 3,054 (14.0) 31,020 35,181 (11.8) Preprint Pieces (A)(C) 1,403,562 1,265, ,890,349 12,794, (A) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (B) (C) Excludes results from discontinued operations that were sold in 2006 (WATL-TV, Atlanta, WLVI-TV, Boston and WCWN-TV, Albany). 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. Consolidated - 6

7 Publishing(1) Operating Statement EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Revenues 244, , ,939 (23,541) (9) (12,564) (5) Advertising 2,582,774 2,799,011 2,824,036 (216,237) (8) (241,262) (9) 40,605 41,253 42,550 (648) (2) (1,945) (5) Circulation 476, , ,657 (8,483) (2) (28,086) (6) 24,420 22,027 21,266 2, , Other 249, , ,980 5, , , , ,755 (21,796) (7) (11,355) (4) Total 3,308,358 3,527,881 3,557,673 (219,523) (6) (249,315) (7) Expenses(2) Compensation 76,707 80,691 75,686 (3,984) (5) 1,021 1 Direct Pay 883, , ,399 (39,581) (4) (20,122) (2) 15,241 18,438 19,424 (3,197) (17) (4,183) (22) Benefits 188, , ,452 (33,593) (15) (45,932) (20) 1,269 1, (32) (2) Stock-Based Compensation 19,143 18,602 13, , ,233 2,661 2, Service Centers allocation 32,066 31,801 27, , , ,091 98,177 (6,641) (6) (1,727) (2) Total 1,123,006 1,195,374 1,179,553 (72,368) (6) (56,547) (5) 31,886 35,180 40,117 (3,294) (9) (8,231) (21) Newsprint & Ink 376, , ,969 (23,994) (6) (71,416) (16) 25,833 26,405 25,798 (572) (2) 35 0 Outside Services 280, , ,333 (10,529) (4) 3, ,404 11,604 10,918 (1,200) (10) (514) (5) TMC Postage 110, , ,421 (9,146) (8) 4, ,601 27,151 27,054 3, , Other Circulation Expenses 321, , ,859 6, , ,337 3,764 3,757 (427) (11) (420) (11) Employee Expenses 39,196 42,497 40,804 (3,301) (8) (1,608) (4) 2,241 2,042 2, (212) (9) Office Expenses 23,583 24,508 29,663 (925) (4) (6,080) (20) 3,714 4,045 4,106 (331) (8) (392) (10) Supplies 42,297 44,537 42,515 (2,240) (5) (218) (1) 8,964 9,232 9,194 (268) (3) (230) (3) Occupancy 100, , ,843 (1,621) (2) (1,016) (1) 3,706 3,946 3,849 (240) (6) (143) (4) Repairs and Maintenance 43,344 44,382 43,013 (1,038) (2) ,253 7,776 8,519 (523) (7) (1,266) (15) Promotion 90,694 96,079 92,184 (5,385) (6) (1,490) (2) 4,354 4,524 5,940 (170) (4) (1,586) (27) Other Expenses 62,205 55,535 65,130 6, (2,925) (4) 228, , ,882 (10,017) (4) (11,139) (5) Total Cash Expenses 2,613,159 2,730,225 2,739,287 (117,066) (4) (126,128) (5) 80,657 92,436 80,873 (11,779) (13) (216) 0 Operating Cash Flow 695, , ,386 (102,457) (13) (123,187) (15) 12,814 14,252 12,559 (1,438) (10) Depreciation 150, , ,828 (13,413) (8) 4, Amortization of Intangibles 8,351 7,496 7, , ,065 77,545 67,655 (10,480) (14) (590) (1) Operating Profit 536, , ,207 (89,899) (14) (128,921) (19) (614) (81) (532) (79) Equity Income/(Loss) (3,260) (23,313) (15,497) 20, , ,205 78,299 68,327 (11,094) (14) (1,122) (2) Group Profit 533, , ,710 (69,846) (12) (116,684) (18) (1.8) 0.9 Oper. Cash Flow Margin (%) (1.6) (2.0) (1.7) 0.6 Operating Profit Margin (%) (1.5) (2.5) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. Publishing - 1

8 Publishing Summary of Special Items Charges/(Credits) Compensation Severance Los Angeles , Chicago ,708 1,788 Newsday ,944 South Florida , Orlando , Baltimore 267-3,337 - Hartford , Newport News , Allentown TMS Group Group Office/Other (89) Sub-total 1,053 2,352 30,814 10,925 Union settlement at Newsday - (54) - 13,995 Total 1,053 2,298 30,814 24,920 Outside Services Outplacement assistance Other Expense Los Angeles-equipment write down(1) 1,537 4,146 25,753 4,146 Baltimore-(gain) on property sale (2,647) Newsday-truck lease buyout Other 1, , Total 2,787 4,157 26,958 2,102 Total Special Items 3,850 6,672 58,613 27,372 (1) Includes the remaining color towers at Los Angeles Times' San Fernando Valley printing facility that was shut down in January Publishing - 2

9 Publishing(1) Summary of Operations EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Operating Revenues 85,327 90,161 87,871 (4,834) (5) (2,544) (3) Los Angeles 895, , ,597 (63,449) (7) (62,152) (6) 73,280 72,850 72, Chicago 747, , ,085 (33,111) (4) (32,673) (4) 41,441 43,526 42,765 (2,085) (5) (1,324) (3) Newsday 451, , ,552 (16,777) (4) (29,795) (6) 26,641 32,430 30,022 (5,789) (18) (3,381) (11) South Florida 305, , ,204 (41,018) (12) (55,150) (15) 20,202 24,430 22,565 (4,228) (17) (2,363) (10) Orlando 220, , ,012 (35,479) (14) (45,785) (17) 21,879 24,684 24,276 (2,805) (11) (2,397) (10) Baltimore 247, , ,426 (17,277) (7) (20,198) (8) 16,020 16,917 16,340 (897) (5) (320) (2) Hartford 171, , ,092 (10,866) (6) (12,055) (7) 8,680 8,920 8,854 (240) (3) (174) (2) Allentown 92,899 94,557 95,047 (1,658) (2) (2,148) (2) 6,310 6,701 6,246 (391) (6) 64 1 Newport News 70,070 72,826 70,948 (2,756) (4) (878) (1) 9,262 9,383 8,753 (121) (1) TMS Group 101, ,979 97,631 (1,810) (2) 3, ,200 (14) (38) Interactive Central (71) (25) 1,097 1,623 1,184 (526) (32) (87) (7) ForSaleByOwner.com (acq. 6/06) 14,335 16,598 8,184 (2,263) (14) 6, (762) (430) (1,121) (332) (77) Eliminations and other (8,488) (15,257) (10,389) 6, , , , ,755 (21,796) (7) (11,355) (4) Total 3,308,358 3,527,881 3,557,673 (219,523) (6) (249,315) (7) Operating Expenses(2) 67,339 70,582 70,007 (3,243) (5) (2,668) (4) Los Angeles 770, , ,676 (31,566) (4) (31,329) (4) 54,705 54,887 55,056 (182) - (351) (1) Chicago 599, , ,227 (18,355) (3) (18,061) (3) 34,627 34,776 35,404 (149) - (777) (2) Newsday 393, , ,912 (12,884) (3) (22,230) (5) 19,940 21,581 21,857 (1,641) (8) (1,917) (9) South Florida 236, , ,766 (14,701) (6) (14,691) (6) 15,336 16,695 17,197 (1,359) (8) (1,861) (11) Orlando 176, , ,536 (15,085) (8) (16,703) (9) 18,025 18,868 19,228 (843) (4) (1,203) (6) Baltimore 217, , ,644 (6,867) (3) (6,910) (3) 12,066 12,668 12,829 (602) (5) (763) (6) Hartford 138, , ,750 (7,315) (5) (9,241) (6) 6,578 6,465 6, Allentown 73,778 75,115 75,446 (1,337) (2) (1,668) (2) 4,682 4,904 4,892 (222) (5) (210) (4) Newport News 55,364 57,936 56,563 (2,572) (4) (1,199) (2) 7,231 6,677 6, TMS Group 79,813 80,377 79,355 (564) (1) ,052 1,012 (154) (15) (114) (11) TPC Group Office 13,911 13,707 12, , ,277 3,885 2,404 (608) (16) Interactive Central 34,771 38,454 23,594 (3,683) (10) 11, , (308) (28) (51) (6) ForSaleByOwner.com 10,172 12,568 5,972 (2,396) (19) 4, (3,152) (480) (636) (2,672) NM (2,516) (396) Eliminations and other(3) (28,083) (15,580) (12,039) (12,503) (80) (16,044) (133) 242, , ,100 (11,316) (4) (10,765) (4) Total 2,772,072 2,901,696 2,892,466 (129,624) (4) (120,394) (4) (1) Operating results for Hoy New York, SCNI and Southern California Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $15.1 million, respectively. Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. Publishing - 3

10 Publishing(1) Summary of Operations EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Operating Profit(2) 17,988 19,579 17,864 (1,591) (8) Los Angeles 125, , ,921 (31,883) (20) (30,823) (20) 18,575 17,963 17, Chicago 148, , ,858 (14,756) (9) (14,612) (9) 6,814 8,750 7,361 (1,936) (22) (547) (7) Newsday 58,075 61,968 65,640 (3,893) (6) (7,565) (12) 6,701 10,849 8,165 (4,148) (38) (1,464) (18) South Florida 68,979 95, ,438 (26,317) (28) (40,459) (37) 4,866 7,735 5,368 (2,869) (37) (502) (9) Orlando 43,394 63,788 72,476 (20,394) (32) (29,082) (40) 3,854 5,816 5,048 (1,962) (34) (1,194) (24) Baltimore 29,494 39,904 42,782 (10,410) (26) (13,288) (31) 3,954 4,249 3,511 (295) (7) Hartford 32,528 36,079 35,342 (3,551) (10) (2,814) (8) 2,102 2,455 2,540 (353) (14) (438) (17) Allentown 19,121 19,442 19,601 (321) (2) (480) (2) 1,628 1,797 1,354 (169) (9) Newport News 14,706 14,890 14,385 (184) (1) ,031 2,706 2,051 (675) (25) (20) (1) TMS Group 21,356 22,602 18,276 (1,246) (6) 3, (898) (1,052) (1,012) TPC Group Office (13,911) (13,707) (12,064) (204) (1) (1,847) (15) (3,254) (3,884) (2,367) (887) (37) Interactive Central (34,558) (38,413) (23,310) 3, (11,248) (48) (218) (41) (36) (10) ForSaleByOwner.com (acq. 6/06) 4,163 4,030 2, , , (485) 2,340 4,680 2, Eliminations and other(3) 19, ,650 19,272 5,967 17,945 1,088 67,065 77,545 67,655 (10,480) (14) (590) (1) Total 536, , ,207 (89,899) (14) (128,921) (19) Equity Gains/(Losses) 1,725 2,557 1,323 (832) (33) CareerBuilder (40.8%) 1,709 (1,094) (9,612) 2, , (277) (52) (253) (50) Classified Ventures (27.8%) 3, ,385 3, , (39) (45) 5 12 TMS Operations (10) (3) (550) (634) (1,029) ShopLocal (42.5%) (6,090) (8,429) (7,071) 2, (148) (59) (93) (89) (151) (55) (59) Topix (33.7%) (1,934) (2,717) (815) (1,119) (137) - (12) (11) Consumer Networks(4) (30) (174) (135) (1,182) - - (1,182) NM (1,182) NM Metromix (50%) (1,268) - - (1,268) NM (1,268) NM - (1,300) - 1, NM Interactive initiatives - (8,800) - 8, NM - - (206) - NM BrassRing (26.9%)(5) - - (1,000) - NM 1, (4) (413) (145) (103) Other 132 (2,891) 1,529 3, (1,397) (91) (614) (81) (532) (79) Total (3,260) (23,313) (15,497) 20, , (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $15.1 million, respectively. Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. (4) Tribune's investment in Consumer Networks was written off in the second quarter of (5) Tribune's investment in BrassRing was sold in November Publishing - 4

11 Publishing(1) Summary of Operations EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Operating Cash Flow(2) 21,364 23,310 21,514 (1,946) (8) (150) (1) Los Angeles 165, , ,348 (35,305) (18) (32,830) (17) 21,487 21,016 20, ,122 6 Chicago 179, , ,466 (16,928) (9) (12,274) (6) 8,527 10,491 9,027 (1,964) (19) (500) (6) Newsday 78,888 84,822 87,197 (5,934) (7) (8,309) (10) 7,842 12,078 9,286 (4,236) (35) (1,444) (16) South Florida 82, , ,388 (27,041) (25) (38,058) (32) 5,681 8,661 6,203 (2,980) (34) (522) (8) Orlando 53,443 74,858 82,665 (21,415) (29) (29,222) (35) 5,064 7,205 6,268 (2,141) (30) (1,204) (19) Baltimore 44,367 55,685 56,826 (11,318) (20) (12,459) (22) 4,456 4,817 4,047 (361) (7) Hartford 38,553 42,393 41,722 (3,840) (9) (3,169) (8) 2,586 2,983 2,990 (397) (13) (404) (14) Allentown 24,815 25,517 25,047 (702) (3) (232) (1) 1,935 2,178 1,667 (243) (11) Newport News 18,367 19,360 18,135 (993) (5) ,206 2,880 2,238 (674) (23) (32) (1) TMS Group 23,555 24,851 20,374 (1,296) (5) 3, (825) (978) (859) TPC Group Office (13,042) (12,826) (11,260) (216) (2) (1,782) (16) (2,897) (3,400) (2,173) (724) (33) Interactive Central (31,576) (34,174) (21,084) 2,598 8 (10,492) (50) (229) (36) (30) (7) ForSaleByOwner.com (acq. 6/06) 5,266 5,200 3, , , (140) 2, ,961 NM Eliminations and other(3) 25,523 5,656 5,499 19, ,024 NM 80,657 92,436 80,873 (11,779) (13) (216) - Total 695, , ,386 (102,457) (13) (123,187) (15) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $15.1 million, respectively. Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. Publishing - 5

12 Publishing(1) Summary of Operations EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Operating Profit Margin(%) (0.6) 0.8 Los Angeles (2.4) (2.3) Chicago (1.1) (1.1) (3.7) (0.8) Newsday (0.3) (0.7) (8.3) (2.0) South Florida (4.9) (7.8) (7.6) 0.3 Orlando (5.2) (7.5) (6.0) (3.2) Baltimore (3.2) (4.1) (0.4) 3.2 Hartford (0.8) (0.3) (3.3) (4.5) Allentown (1.0) 4.1 Newport News (6.9) (1.5) TMS Group (0.8) (4.2) (1.0) ForSaleByOwner.com (acq. 6/06) (1.7) 0.6 Total (1.5) (2.5) Operating Cash Flow Margin(%) (0.9) 0.5 Los Angeles (2.4) (2.2) Chicago (1.1) (0.5) (3.5) (0.5) Newsday (0.6) (0.6) (7.8) (1.5) South Florida (4.6) (6.4) (7.4) 0.6 Orlando (5.0) (6.8) (6.1) (2.7) Baltimore (3.2) (3.3) (0.7) 3.0 Hartford (0.8) (0.3) (3.6) (4.0) Allentown (0.3) (1.8) 4.0 Newport News (0.4) (6.9) (1.8) TMS Group (0.8) (2.0) 0.2 ForSaleByOwner.com (0.7) (1.8) 0.9 Total (1.6) (2.0) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. Publishing - 6

13 Publishing(1) Summary of Expenses EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Newsprint & Ink 11,520 11,970 13,595 (450) (4) (2,075) (15) Los Angeles 130, , ,043 (6,048) (4) (23,374) (15) 7,526 8,545 9,458 (1,019) (12) (1,932) (20) Chicago 88,421 95, ,519 (6,597) (7) (14,098) (14) 3,849 4,272 5,125 (423) (10) (1,276) (25) Newsday 47,903 48,819 55,940 (916) (2) (8,037) (14) 2,582 3,114 3,576 (532) (17) (994) (28) South Florida 33,050 36,938 42,775 (3,888) (11) (9,725) (23) 1,960 2,434 2,721 (474) (19) (761) (28) Orlando 24,727 28,029 32,156 (3,302) (12) (7,429) (23) 2,082 2,165 2,690 (83) (4) (608) (23) Baltimore 24,433 25,245 28,570 (812) (3) (4,137) (14) 1,102 1,301 1,494 (199) (15) (392) (26) Hartford 13,441 14,666 16,371 (1,225) (8) (2,930) (18) (2) - (124) (15) Allentown 8,062 8,391 9,043 (329) (4) (981) (11) (118) (17) (163) (22) Newport News 7,098 8,288 8,342 (1,190) (14) (1,244) (15) (41) (47) (135) Eliminations and adjustments (1,251) (1,564) (1,790) ,886 35,180 40,117 (3,294) (9) (8,231) (21) Total 376, , ,969 (23,994) (6) (71,416) (16) Total Compensation(2) 23,075 24,063 23,215 (988) (4) (140) (1) Los Angeles 272, , ,634 (8,296) (3) (5,863) (2) 17,586 18,892 17,630 (1,306) (7) (44) - Chicago 205, , ,675 (11,071) (5) (9,485) (4) 14,770 14,836 14,464 (66) Newsday 168, , ,621 (6,150) (4) (7,154) (4) 8,034 8,717 8,675 (683) (8) (641) (7) South Florida 95, , ,101 (7,029) (7) (6,898) (7) 5,996 6,589 6,517 (593) (9) (521) (8) Orlando 69,760 77,263 75,977 (7,503) (10) (6,217) (8) 7,947 8,648 8,396 (701) (8) (449) (5) Baltimore 94, , ,940 (5,763) (6) (6,159) (6) 5,257 5,770 5,472 (513) (9) (215) (4) Hartford 63,020 67,384 67,829 (4,364) (6) (4,809) (7) 3,246 3,265 3,046 (19) (1) Allentown 37,405 38,162 38,920 (757) (2) (1,515) (4) 2,148 2,234 2,222 (86) (4) (74) (3) Newport News 25,940 26,546 26,666 (606) (2) (726) (3) 3,150 3,322 2,869 (172) (5) TMS Group 37,309 39,250 37,694 (1,941) (5) (385) (1) (151) (17) 41 6 TPC Group Office 11,584 11,836 9,657 (252) (2) 1, ,099 2,435 1,576 (336) (14) Interactive Central 22,109 25,569 15,900 (3,460) (14) 6, (29) (11) (9) (4) ForSaleByOwner.com (acq. 6/06) 2,550 2,800 1,419 (250) (9) 1, (1,064) (1,570) NM (1,945) (221) Other(3) (15,149) 42 5,666 (15,191) (36,169) (20,815) (367) 93, ,430 95,904 (7,213) (7) (2,687) (3) Sub-total 1,090,940 1,163,573 1,151,699 (72,633) (6) (60,759) (5) 3,233 2,661 2, Service center allocations 32,066 31,801 27, , , ,091 98,177 (6,641) (6) (1,727) (2) Total 1,123,006 1,195,374 1,179,553 (72,368) (6) (56,547) (5) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $15.1 million, respectively. Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. Publishing - 7

14 Publishing(1) Summary of Expenses EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Depreciation and Amortization 3,376 3,731 3,650 (355) (10) (274) (8) Los Angeles 40,420 43,842 42,427 (3,422) (8) (2,007) (5) 2,912 3,053 2,458 (141) (5) Chicago 30,946 33,118 28,608 (2,172) (7) 2, ,713 1,741 1,666 (28) (2) 47 3 Newsday 20,813 22,854 21,557 (2,041) (9) (744) (3) 1,141 1,229 1,121 (88) (7) 20 2 South Florida 13,351 14,075 10,950 (724) (5) 2, (111) (12) (20) (2) Orlando 10,049 11,070 10,189 (1,021) (9) (140) (1) 1,210 1,389 1,220 (179) (13) (10) (1) Baltimore 14,873 15,781 14,044 (908) (6) (66) (12) (34) (6) Hartford 6,025 6,314 6,380 (289) (5) (355) (6) (44) (8) 34 8 Allentown 5,694 6,075 5,446 (381) (6) (74) (19) (6) (2) Newport News 3,661 4,470 3,750 (809) (18) (89) (2) (12) (6) TMS Group 2,199 2,249 2,098 (50) (2) (1) (1) (80) (52) TPC Group Office (12) (1) (127) (26) Interactive Central 2,982 4,239 2,226 (1,257) (30) (11) (10) 6 7 ForSaleByOwner.com (acq. 6/06) 1,103 1, (67) (6) (75) (15) Other 5,928 5,333 3, , ,592 14,891 13,218 (1,299) (9) Total 158, , ,179 (12,558) (7) 5,734 4 (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. Publishing - 8

15 Publishing(1) Summary of Expenses (Thousands of Dollars, Except Tons) EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS All Other Cash Expenses(2) 29,368 30,818 29,547 (1,450) (5) (179) (1) Los Angeles 326, , ,572 (13,800) (4) (85) - 26,681 24,397 25,510 2, ,171 5 Chicago 274, , ,425 1, , ,295 13,927 14, Newsday 156, , ,794 (3,777) (2) (6,295) (4) 8,183 8,521 8,485 (338) (4) (302) (4) South Florida 94,471 97,531 94,940 (3,060) (3) (469) - 6,565 6,746 7,124 (181) (3) (559) (8) Orlando 72,297 75,556 75,214 (3,259) (4) (2,917) (4) 6,786 6,666 6, (136) (2) Baltimore 83,647 83,031 81, , ,205 5,029 5, (122) (2) Hartford 56,023 57,460 57,170 (1,437) (3) (1,147) (2) 2,119 1,941 1, Allentown 22,617 22,487 22, ,650 1,594 1, Newport News 18,665 18,632 17, ,906 3,181 3, TMS Group 40,305 38,878 39,563 1, (8) (6) (70) (37) TPC Group Office 1,942 1,504 2, (167) (8) (145) (15) Interactive Central 9,680 8,646 5,468 1, , (268) (37) (48) (9) ForSaleByOwner.com (acq. 6/06) 6,519 8,598 3,702 (2,079) (24) 2, (5,752) (4,153) (4,036) (1,599) (39) (1,716) (43) Eliminations and other (50,161) (51,706) (48,124) 1,545 3 (2,037) (4) 100, , ,588 (82) - (1,181) (1) Total 1,113,600 1,134,304 1,111,765 (20,704) (2) 1,835 - Newsprint Tons Consumed 18,383 19,398 19,702 (1,015) (5) (1,319) (7) Los Angeles 203, , ,453 (17,063) (8) (21,585) (10) 12,190 12,913 13,358 (723) (6) (1,168) (9) Chicago 138, , ,599 (4,608) (3) (8,486) (6) 7,620 6,745 7, Newsday 77,866 76,470 82,193 1,396 2 (4,327) (5) 4,374 4,792 5,231 (418) (9) (857) (16) South Florida 52,687 57,390 63,138 (4,703) (8) (10,451) (17) 3,236 3,812 4,001 (576) (15) (765) (19) Orlando 39,446 43,464 47,624 (4,018) (9) (8,178) (17) 3,644 3,562 3, (317) (8) Baltimore 39,525 40,420 43,358 (895) (2) (3,833) (9) 1,888 2,132 2,235 (244) (11) (347) (16) Hartford 22,073 23,681 24,887 (1,608) (7) (2,814) (11) 1,216 1,184 1, (48) (4) Allentown 12,893 13,329 13,711 (436) (3) (818) (6) 941 1,019 1,008 (78) (8) (67) (7) Newport News 11,408 12,128 12,458 (720) (6) (1,050) (8) - - (149) - NM Intercompany (667) (262) (1,779) (405) (155) 1, ,492 55,557 57,759 (2,065) (4) (4,267) (7) Total 597, , ,642 (33,060) (5) (60,430) (9) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. Publishing - 9

16 Publishing(1)(2) Compensation and FTE Summary EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Direct Pay 18,860 19,628 18,218 (768) (4) Los Angeles 217, , ,508 (6,363) (3) (531) - 14,156 15,048 13,584 (892) (6) Chicago 162, , ,039 (6,540) (4) (4,692) (3) 12,214 12,287 11,712 (73) (1) Newsday 138, , ,823 (3,411) (2) (2,289) (2) 6,492 6,992 6,894 (500) (7) (402) (6) South Florida 76,308 80,491 80,547 (4,183) (5) (4,239) (5) 4,772 5,202 5,091 (430) (8) (319) (6) Orlando 55,178 60,310 59,175 (5,132) (9) (3,997) (7) 6,485 6,869 6,638 (384) (6) (153) (2) Baltimore 76,804 79,490 79,245 (2,686) (3) (2,441) (3) 4,295 4,603 4,321 (308) (7) (26) (1) Hartford 50,514 52,926 52,971 (2,412) (5) (2,457) (5) 2,644 2,653 2,360 (9) Allentown 30,075 30,541 30,312 (466) (2) (237) (1) 1,687 1,750 1,730 (63) (4) (43) (2) Newport News 20,327 20,416 20,803 (89) - (476) (2) 2,557 2,699 2,300 (142) (5) TMS Group 29,889 31,228 29,957 (1,339) (4) (68) (81) (13) 20 4 TPC Group Office 6,287 7,015 4,871 (728) (10) 1, ,709 1,974 1,368 (265) (13) Interactive Central 17,816 20,146 13,439 (2,330) (12) 4, (24) (11) (16) (8) ForSaleByOwner.com (acq. 6/06) 2,091 2,318 1,234 (227) (10) (49) (28) (649) (84) Other(3) (868) 2,937 4,485 (3,805) (130) (5,353) (119) 76,705 80,693 75,695 (3,988) (5) 1,010 1 Total 883, , ,409 (39,711) (4) (20,130) (2) Stock-Based Los Angeles 4,012 3,628 2, , (17) (8) Chicago 2,542 2,799 2,389 (257) (9) Newsday 1,072 1, (203) (16) (20) (23) 5 8 South Florida 1,379 1,136 1, Orlando 1,066 1, (12) (16) Baltimore (69) (7) (5) (13) Hartford (37) (5) Allentown Newport News (6) (18) TMS Group (40) (6) (63) (26) TPC Group Office 4,503 4,057 3, (3) (2) Interactive Central 1,580 1, (123) (7) 1, NM - NM ForSaleByOwner.com (acq. 6/06) NM - NM NM (5) (45) Other ,550 (52) (28) 1,269 1, (32) (2) Total 19,143 18,602 13, , Benefits 3,923 4,202 4,830 (279) (7) (907) (19) Los Angeles 50,782 53,099 57,985 (2,317) (4) (7,203) (12) 3,231 3,628 3,868 (397) (11) (637) (16) Chicago 40,301 44,575 45,247 (4,274) (10) (4,946) (11) 2,438 2,446 2,699 (8) - (261) (10) Newsday 28,861 31,397 33,953 (2,536) (8) (5,092) (15) 1,476 1,639 1,720 (163) (10) (244) (14) South Florida 17,516 20,605 20,316 (3,089) (15) (2,800) (14) 1,144 1,319 1,379 (175) (13) (235) (17) Orlando 13,516 15,915 16,195 (2,399) (15) (2,679) (17) 1,401 1,706 1,715 (305) (18) (314) (18) Baltimore 17,116 20,124 21,026 (3,008) (15) (3,910) (19) 927 1,127 1,128 (200) (18) (201) (18) Hartford 11,863 13,778 14,252 (1,915) (14) (2,389) (17) (10) (2) (95) (14) Allentown 6,990 7,288 8,399 (298) (4) (1,409) (17) (26) (6) (49) (10) Newport News 5,210 5,765 5,589 (555) (10) (379) (7) (24) (4) 11 2 TMS Group 6,810 7,372 7,178 (562) (8) (368) (5) (7) (13) (21) (31) TPC Group Office (120) (13) (68) (22) Interactive Central 2,713 3,720 2,206 (1,007) (27) (5) (12) 7 23 ForSaleByOwner.com (23) (5) (1,197) (1,526) NM (1,291) NM Other(4) (14,413) (2,903) 997 (11,510) (396) (15,410) NM 15,243 18,436 19,415 (3,193) (17) (4,172) (21) Total 188, , ,442 (33,463) (15) (45,924) (20) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. (4) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $15.1 million, respectively. Publishing - 10

17 Publishing(1) Compensation and FTE Summary EXCLUDES DISCONTINUED OPERATIONS AND SPECIAL ITEMS Total Compensation(2) 23,075 24,063 23,215 (988) (4) (140) (1) Los Angeles 272, , ,634 (8,296) (3) (5,863) (2) 17,586 18,892 17,630 (1,306) (7) (44) - Chicago 205, , ,675 (11,071) (5) (9,485) (4) 14,770 14,836 14,464 (66) Newsday 168, , ,621 (6,150) (4) (7,154) (4) 8,034 8,717 8,675 (683) (8) (641) (7) South Florida 95, , ,101 (7,029) (7) (6,898) (7) 5,996 6,589 6,517 (593) (9) (521) (8) Orlando 69,760 77,263 75,977 (7,503) (10) (6,217) (8) 7,947 8,648 8,396 (701) (8) (449) (5) Baltimore 94, , ,940 (5,763) (6) (6,159) (6) 5,257 5,770 5,472 (513) (9) (215) (4) Hartford 63,020 67,384 67,829 (4,364) (6) (4,809) (7) 3,246 3,265 3,046 (19) (1) Allentown 37,405 38,162 38,920 (757) (2) (1,515) (4) 2,148 2,234 2,222 (86) (4) (74) (3) Newport News 25,940 26,546 26,666 (606) (2) (726) (3) 3,150 3,322 2,869 (172) (5) TMS Group 37,309 39,250 37,694 (1,941) (5) (385) (1) (151) (17) 41 6 TPC Group Office 11,584 11,836 9,657 (252) (2) 1, ,099 2,435 1,576 (336) (14) Interactive Central 22,109 25,569 15,900 (3,460) (14) 6, (29) (11) (9) (4) ForSaleByOwner.com (acq. 6/06) 2,550 2,800 1,419 (250) (9) 1, (1,064) (1,570) NM (1,945) (221) Other(3) (15,149) 42 5,666 (15,191) NM (20,815) NM 93, ,430 95,904 (7,213) (7) (2,687) (3) Sub-total 1,090,940 1,163,573 1,151,699 (72,633) (6) (60,759) (5) 3,233 2,661 2, Service center allocations 32,066 31,801 27, , , ,091 98,177 (6,641) (6) (1,727) (2) Total 1,123,006 1,195,374 1,179,553 (72,368) (6) (56,547) (5) Full Time Equivalents 3,282 3,407 3,480 (125) (4) (198) (6) Los Angeles 3,273 3,377 3,370 (104) (3) (97) (3) 2,871 3,046 3,069 (175) (6) (198) (6) Chicago 2,910 3,008 3,075 (98) (3) (165) (5) 2,397 2,479 2,521 (82) (3) (124) (5) Newsday 2,363 2,447 2,526 (84) (3) (163) (6) 1,645 1,742 1,746 (97) (6) (101) (6) South Florida 1,663 1,744 1,760 (81) (5) (97) (6) 1,142 1,244 1,253 (102) (8) (111) (9) Orlando 1,169 1,241 1,242 (72) (6) (73) (6) 1,525 1,632 1,610 (107) (7) (85) (5) Baltimore 1,544 1,616 1,592 (72) (4) (48) (3) 950 1,023 1,045 (73) (7) (95) (9) Hartford 972 1,010 1,040 (38) (4) (68) (7) (22) (3) (14) (2) Allentown (24) (3) (43) (6) (23) (4) (45) (8) Newport News (8) (1) (34) (6) (22) (3) (4) (1) TMS Group (26) (4) (9) (1) (5) (10) (1) (2) TPC Group Office (4) (8) (67) (22) Interactive Central (64) (26) (3) (8) 3 10 ForSaleByOwner.com (1) (3) (9) (29) (24) (52) Hoy Central (7) (18) (12) (27) 16,030 16,942 16,946 (912) (5) (916) (5) Sub-total 16,069 16,752 16,821 (683) (4) (752) (4) Service center allocations ,501 17,316 17,291 (815) (5) (790) (5) Total 16,456 17,124 17,168 (668) (4) (712) (4) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. (2) Both years exclude special items which are summarized on Publishing page 2. (3) and year to date 2007 include a favorable adjustment to retirement plan (401k) expense of $1.3 million and $13.8 million, respectively. Year to date 2007 includes a $3.5 million reduction of MIP bonus expense. Publishing - 11

18 Publishing(1) Advertising Revenues EXCLUDES DISCONTINUED OPERATIONS Retail 29,590 31,192 28,172 (1,602) (5) 1,418 5 Los Angeles 277, , ,814 (26,938) (9) (12,151) (4) 31,650 27,797 27,685 3, , Chicago 279, , ,837 (4,239) (1) 1, ,382 17,347 16, Newsday 163, , ,948 (9,919) (6) (16,712) (9) 10,994 12,668 10,776 (1,674) (13) South Florida 109, , ,873 (8,631) (7) (5,203) (5) 8,185 9,098 7,455 (913) (10) Orlando 73,909 78,753 74,719 (4,844) (6) (810) (1) 9,201 9,721 9,394 (520) (5) (193) (2) Baltimore 88,409 93,405 90,408 (4,996) (5) (1,999) (2) 6,578 6,918 6,003 (340) (5) Hartford 58,604 63,480 62,068 (4,876) (8) (3,464) (6) 3,582 3,724 3,217 (142) (4) Allentown 31,262 32,906 30,716 (1,644) (5) ,496 2,652 2,247 (156) (6) Newport News 23,439 24,295 22,941 (856) (4) NM - NM Tribune Media Services NM (162) (100) NM (1) (33) Interactive Central (6) (19) NM - NM ForSaleByOwner.com (acq. 6/06) NM - NM - - (30) - NM Tribune Media Net (132) 114 NM , , ,477 (1,457) (1) 8,183 7 Sub-total 1,105,814 1,172,623 1,143,385 (66,809) (6) (37,571) (3) - 1,313 - (1,313) (100) - NM Plan adjustment - 3,159 - (3,159) (100) - NM 119, , ,477 (2,770) (2) 8,183 7 Total 1,105,814 1,175,782 1,143,385 (69,968) (6) (37,571) (3) National 26,925 25,609 24,734 1, ,191 9 Los Angeles 247, , ,503 (5,193) (2) 3, ,640 15,602 14,880 (962) (6) (240) (2) Chicago 142, , ,947 (4,986) (3) (7,117) (5) 6,937 7,005 6,878 (68) (1) 59 1 Newsday 71,170 72,936 70,595 (1,766) (2) ,409 5,414 4,712 (1,005) (19) (303) (6) South Florida 47,359 54,772 52,370 (7,413) (14) (5,011) (10) 3,388 3,481 3,130 (93) (3) Orlando 31,978 38,517 37,026 (6,539) (17) (5,048) (14) 2,924 3,616 3,455 (692) (19) (531) (15) Baltimore 32,496 34,826 36,163 (2,330) (7) (3,667) (10) 2,159 2,317 2,381 (158) (7) (222) (9) Hartford 22,295 24,216 24,970 (1,921) (8) (2,675) (11) (41) (6) (253) (29) Allentown 6,912 6,832 7, (925) (12) Newport News 5,991 6,026 6,145 (35) (1) (154) (3) Tribune Media Services 2,312 1,677 1, , ,100 (8) (40) Interactive Central (50) (54) NM - NM ForSaleByOwner.com NM - NM 62,851 64,329 61,668 (1,478) (2) 1,183 2 Total 610, , ,762 (29,439) (5) (19,790) (3) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. Publishing - 12

19 Publishing(1) Advertising Revenues EXCLUDES DISCONTINUED OPERATIONS Classified 14,396 18,751 20,541 (4,355) (23) (6,145) (30) Los Angeles 206, , ,174 (24,053) (10) (46,227) (18) 10,537 15,263 15,982 (4,726) (31) (5,445) (34) Chicago 158, , ,049 (28,112) (15) (33,222) (17) 10,384 12,295 12,280 (1,911) (16) (1,896) (15) Newsday 137, , ,047 (3,956) (3) (9,546) (6) 6,810 9,625 10,073 (2,815) (29) (3,263) (32) South Florida 96, , ,982 (23,131) (19) (43,955) (31) 5,050 7,886 7,924 (2,836) (36) (2,874) (36) Orlando 73,822 94, ,983 (20,800) (22) (37,161) (33) 5,305 6,820 6,799 (1,515) (22) (1,494) (22) Baltimore 73,236 83,013 87,187 (9,777) (12) (13,951) (16) 3,898 4,241 4,412 (343) (8) (514) (12) Hartford 49,786 53,403 54,713 (3,617) (7) (4,927) (9) 2,502 2,565 2,580 (63) (2) (78) (3) Allentown 31,318 32,240 32,425 (922) (3) (1,107) (3) 1,911 2,152 2,046 (241) (11) (135) (7) Newport News 24,630 25,185 24,109 (555) (2) NM - NM Tribune Media Services NM (212) (100) NM (6) (43) Interactive Central (12) (10) 1,075 1,559 1,143 (484) (31) (68) (6) ForSaleByOwner.com (acq. 6/06) 13,795 15,786 7,885 (1,991) (13) 5, (12) - - (12) NM (12) NM Tribune Media Net (12) - - (12) NM (12) NM 61,864 81,157 83,794 (19,293) (24) (21,930) (26) Total 865, ,818 1,049,889 (116,830) (12) (183,901) (18) Total 70,911 75,552 73,447 (4,641) (6) (2,536) (3) Los Angeles 732, , ,491 (56,184) (7) (55,295) (7) 56,827 58,662 58,547 (1,835) (3) (1,720) (3) Chicago 581, , ,833 (37,337) (6) (38,693) (6) 34,703 36,647 35,713 (1,944) (5) (1,010) (3) Newsday 371, , ,590 (15,641) (4) (25,683) (6) 22,213 27,707 25,561 (5,494) (20) (3,348) (13) South Florida 253, , ,225 (39,175) (13) (54,169) (18) 16,623 20,465 18,509 (3,842) (19) (1,886) (10) Orlando 179, , ,728 (32,183) (15) (43,019) (19) 17,430 20,157 19,648 (2,727) (14) (2,218) (11) Baltimore 194, , ,758 (17,103) (8) (19,617) (9) 12,635 13,476 12,796 (841) (6) (161) (1) Hartford 130, , ,751 (10,414) (7) (11,066) (8) 6,713 6,959 6,679 (246) (4) 34 1 Allentown 69,492 71,978 70,978 (2,486) (3) (1,486) (2) 4,995 5,243 4,720 (248) (5) Newport News 54,060 55,506 53,195 (1,446) (3) Tribune Media Services 2,312 1,677 1, ,100 (15) (41) Interactive Central (68) (28) 1,075 1,559 1,143 (484) (31) (68) (6) ForSaleByOwner.com 13,795 15,786 7,885 (1,991) (13) 5, (12) - (30) (12) NM Tribune Media Net (132) 102 NM , , ,939 (22,228) (8) (12,564) (5) Sub-total 2,582,774 2,795,852 2,824,036 (213,078) (8) (241,262) (9) - 1,313 - (1,313) (100) - NM Plan adjustment - 3,159 - (3,159) (100) - NM 244, , ,939 (23,541) (9) (12,564) (5) 2,582,774 2,799,011 2,824,036 (216,237) (8) (241,262) (9) (1) Operating results for Hoy New York, SCNI and Recycler are excluded herein and reported as discontinued operations in the Company's external financial statements. Publishing - 13