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Tribune Board Decision Expected End of March

Feb 13, 2007  •  Post A Comment

Tribune Co.’s board today said it is closer to making a decision regarding its future, reviewing strategic alternatives in hopes of boosting its stock price. The board said its decisions would be announced by the end of March.

Three bids for all or part of Tribune were submitted in January – including one from a private equity firm interested in Tribune’s TV stations — but the deadline came and went without public comment by Tribune.

The Wall Street Journal today reported that Tribune is leaning away from takeover by outsiders and toward a restructuring of its own making.

“The review process has been rigorous and will continue to move forward with the assistance of our outside financial and legal advisors,” said William A. Osborn, Tribune’s lead independent director and chairman of the special committee formed in Sept. 2006 to oversee the search for alternatives. “The board expects to make a decision on a course of action and have an announcement before the end of the first quarter.”

The board of directors today also declared a regular quarterly dividend of 18 cents per share on common stock payable on March 8, 2007, to shareholders of record at the close of business on Feb. 22, 2007.

(Editor: Romanelli)