TRIBUNE  is one of the country’s top media companies, operating businesses in publishing and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and web sites in the nation’s top three markets. In publishing, Tribune operates 11 leading daily newspapers including the Los Angeles Times, Chicago Tribune and Newsday, plus a wide range of targeted publications including Spanish-language Hoy. The Company’s broadcasting group operates 26 television stations; Superstation WGN on national cable; Chicago’s WGN-AM; and the Chicago Cubs baseball team. Popular news and information web sites complement Tribune’s print and broadcast properties and extend the Company’s nationwide audience.

CHICAGO, April 13, 2006 -- Tribune Company (NYSE:TRB) today reported first quarter 2006 diluted earnings per share of $.33 compared with $.44 in the first quarter of 2005. 

First quarter 2006 results included the following:

Stock-based compensation expense of $.04 per diluted share as a result of the adoption of the new accounting standard for stock-based compensation.

A charge of $.04 per diluted share for severance and other payments associated with the new union contracts at Newsday.

A gain of $.01 per diluted share related to property sales in publishing.

A net non-operating loss of $.02 per diluted share. 
First quarter 2005 results included the following:

A net non-operating gain of $.03 per diluted share. 
Tribune presents earnings per share amounts on a generally accepted accounting principles ("GAAP") basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call.

"Newspaper ad revenues were flat for the quarter. Strength in classified, with interactive revenues up nearly 30 percent, was offset by declines in national and retail advertising. Television group revenues trended better, and while down 2 percent, our New York, Washington, D. C., and six Fox stations delivered good growth," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "Tight cost controls remain in effect," he added, "and our actions in 2005 resulted in a 5 percent year-over-year staff reduction, or approximately 1,200 positions across the company, and lower compensation expense. Looking ahead, our new labor agreements at Newsday will result in significant expense savings, while in TV we expect our affiliation with the CW Network to have a positive impact on revenues later this year."

FIRST QUARTER 2006 RESULTS1
(Compared to First Quarter 2005)

CONSOLIDATED

Tribune’s 2006 first quarter operating revenues decreased 1 percent, or $17 million, 
to $1.30 billion. Consolidated cash operating expenses were up 1 percent, or $15 million. In the first quarter of 2006, cash operating expenses included $18 million of stock-based compensation expense and a charge of $19 million associated with the new union contracts at Newsday, partially offset by a $7 million gain on property sales. All other cash operating expenses were down 2 percent, or $16 million, for the quarter. Operating cash flow was down 10 percent to $279 million from $310 million, while operating profit declined 12 percent to $223 million from $252 million. 

PUBLISHING

Publishing’s first quarter operating revenues were $997 million, down 1 percent, or 
$9 million. Publishing cash operating expenses were up 2 percent, or $17 million, as 2006 included a charge of $19 million associated with the new union contracts at Newsday and $7 million of stock-based compensation expense, partially offset by a $7 million gain on property sales. Publishing operating cash flow was $217 million, an 11 percent decrease from $243 million in 2005. Publishing operating profit was down 12 percent to 
$174 million, from $199 million in 2005.