Tribune Explores Alternatives for Magazine Group

CHICAGO, June 27 — Tribune Company (NYSE: TRB) today announced that it is exploring strategic alternatives, including a possible sale, for Times Mirror Magazines, one of the world’s leading publishers of special interest and leisure-oriented magazines. Tribune has retained Merrill Lynch as its financial advisor for this matter.

On June 12, Tribune acquired The Times Mirror Company, creating a major-market multimedia leader and the only media company with a television-newspaper-interactive combination in the top three markets of New York, Los Angeles and Chicago.

“We are intensely focused on our media businesses of broadcasting, publishing and interactive,” said John W. Madigan, Tribune chairman, president and chief executive officer. “Since we announced the Times Mirror merger agreement in March, Tribune has been taking a hard look at the strategic fit of the magazine group. After carefully studying opportunities for growing this business, we believe it is appropriate to review strategic alternatives for the group.

“Times Mirror Magazines is composed of talented people and wonderful brands with wide national recognition. It has an extremely bright future,” Madigan said.

Times Mirror Magazines generated about $279 million in revenues in 1999. Its consumer titles and custom publications are read by more than 55 million people each month. Titles include Field & Stream, Popular Science, GOLF Magazine, Outdoor Life, Today’s Homeowner, SKI Magazine, Skiing, Outdoor Explorer, Senior Golfer, Salt Water Sportsman, Yachting, Motor Boating & Sailing, TransWorld SNOWboarding, TransWorld SKATEboarding, Snowboard Life, Ride BMX, TransWorld SURF, Snap BMX, TransWorld STANCE and Freeze. Its online division, Times Mirror Interzines, is a leading producer of Web sites catering to the needs of an audience passionate about sports.

Tribune (NYSE: TRB) is a leading media company with businesses in 23 major U.S. markets, including 18 of the top 30. Through its television and radio broadcasting, publishing and interactive operations, Tribune reaches nearly 80 percent of U.S. households daily. Tribune Ventures is an industry leader in venture partnerships with new-media and technology companies. Tribune has $6 billion in revenues and more than 30,000 employees. A Fortune 500 company in 2000, Tribune, for the third straight year, ranked No. 1 among its industry peers in Fortune magazine’s list of most-admired companies in America.