tribune annual_02

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tribune annual_02

  1. 1. LEADING MARKETS < > LEADING BRANDS NEW YORK LOS ANGELES CHICAGO PHILADELPHIA BOSTON DALLAS WASHINGTON ATLANTA HOUSTON SEATTLE MIAMI FORT LAUDERDALE DENVER SACRAMENTO ORLANDO ST LOUIS PORTLAND BALTIMORE INDIANAPOLIS SAN DIEGO HARTFORD GRAND RAPIDS NEWPORT NEWS NEW ORLEANS HARRISBURG ALBANY ALLENTOWN GREENWICH STAMFORD >>> TRIBUNE COMPANY 2002 ANNUAL REPORT
  2. 2. > TRIBUNE IS A MEDIA INDUSTRY LEADER REACHING MORE THAN 80 PERCENT OF U.S. HOUSEHOLDS THROUGH PUBLISHING, BROADCASTING AND THE INTERNET. OPERATIONS ARE CONCENTRATED IN THE NATION’S MAJOR MARKETS, INCLUDING EIGHT OF THE TOP 10 AND 20 OF THE TOP 30. REVENUES IN 2002 TOTALED $5.4 BILLION.
  3. 3. AT A GLANCE BROADCASTING TELEVISION WGNO (ABC26) WBZL (WB39) WPIX (WB11) New Orleans Miami New York abc26.com wb39.com wb11.com WNOL (WB38) KWGN (WB2) KTLA (WB5) New Orleans Denver Los Angeles wb38.com wb2.com ktla.com WPMT (FOX43) KTXL (FOX40) WGN (WB9) Harrisburg, Pa. Sacramento, Calif. Chicago fox43.com ktxl.com wgntv.com WEWB (WB45) KPLR (WB11)* WPHL (WB17) Albany, N.Y. St. Louis Philadelphia wewbtv.com wb11tv.com wb17.com NATIONAL CABLE KWBP (WB32)* WLVI (WB56) Superstation WGN Portland, Ore. Boston superstationwgn.com wb32tv.com wb56.com RADIO WXIN (FOX59) PUBLISHING KDAF (WB33) WGN (720 AM) Indianapolis Dallas Chicago fox59.com kdaf.com wgnradio.com DAILY NEWSPAPERS WTTV (WB4) Los Angeles Times WBDC (WB50) TELEVISION Indianapolis Los Angeles Washington PROGRAMMING wb4.com latimes.com wbdc.com Tribune KSWB (WB5/69) Entertainment Co. Chicago Tribune WATL (WB36) San Diego Los Angeles Chicago Atlanta kswbtv.com tribtv.com chicagotribune.com wb36.com WTIC (FOX61) BASEBALL Newsday KHWB (WB39) Hartford, Conn. Chicago Cubs Melville, N.Y. Houston fox61.com Chicago newsday.com khwbtv.com cubs.com WTXX (WB20) The Baltimore Sun KCPQ (FOX13) Hartford, Conn. INVESTMENTS Baltimore Seattle wtxx.com The WB Television sunspot.net kcpq.com Network (22% owned) WXMI (FOX17) South Florida Sun-Sentinel KTWB (WB22) TV Food Network (31%) Grand Rapids, Mich. Fort Lauderdale, Fla. Seattle The Golf Channel (9%) wxmi.com sun-sentinel.com ktwbtv.com *Acquisition pending Orlando Sentinel Orlando, Fla. orlandosentinel.com The Hartford Courant Hartford, Conn. ctnow.com
  4. 4. TRIBUNE MEDIA ARE CONCENTRATED IN THE NATION’S MAJOR MARKETS. The Morning Call ¡Exito! Allentown, Pa. Chicago mcall.com exito.com Daily Press el Sentinel Newport News, Va. Fort Lauderdale, Fla. dailypress.com elsentinel.com The Advocate El Sentinel INTERACTIVE Stamford, Conn. Orlando, Fla. stamfordadvocate.com elsentinel.com Tribune Interactive is among the leading news and Greenwich Time ENTERTAINMENT Greenwich, Conn. LISTINGS AND information networks in the country, operating more greenwichtime.com CONTENT SYNDICATION than 50 Web sites and attracting 9 million unique visitors Tribune Media Services SPANISH-LANGUAGE tms.tribune.com per month. The group manages all aspects of the NEWSPAPERS company’s newspaper and television sites, plus special- Hoy CABLE PROGRAMMING New York CLTV interest sites like BlackVoices.com, ChicagoSports.com holahoy.com Chicago and many that feature local dining and entertainment cltv.com La Opinión options. Affiliated national-brand classified advertising Los Angeles Central Florida News 13 (partnership) Orlando, Fla. sites include CareerBuilder (33 percent owned by Tribune), laopinion.com (partnership) cars.com and apartments.com. The latter two sites are operated by Classified Ventures (29 percent owned by Tribune).
  5. 5. TO OUR SHAREHOLDERS AND EMPLOYEE OWNERS TRIBUNE’S LOCAL MASS-MEDIA BUSINESSES ARE THE FOUNDATION OF OUR COMPANY. THE QUALITY, LEADERSHIP AND LOCATIONS OF THESE FRANCHISES SET US APART IN THE MEDIA INDUSTRY AND PROVIDE A DISTINCT COMPETITIVE ADVANTAGE. THROUGH THEM, AND WITH THE COMMITMENT OF ALL TRIBUNE EMPLOYEES, WE’RE BUILDING LONG-TERM VALUE FOR SHAREHOLDERS. THE THEME OF THIS REPORT — LEADING MARKETS, LEADING BRANDS — DEFINES OUR STRATEGY AND SPEAKS TO THE UNIQUE GROWTH OPPORTUNITIES WE’RE PURSUING IN THE PLACES THAT MATTER MOST TO ADVERTISERS. THESE INCLUDE THE TOP THREE U.S. MARKETS, NEW YORK, LOS ANGELES AND CHICAGO, WHERE TRIBUNE IS THE ONLY MEDIA COMPANY OPERATING NEWSPAPERS, TELEVISION STATIONS AND WEB SITES. > 1
  6. 6. > Our business concentration in major markets contributed to and insertion capabilities. In Southern California alone, where the excellent financial results in 2002. During the second half of the Times currently has about a third of the overall preprint business, year, as the advertising environment stabilized and the economy the new operation should contribute an additional $75 million in gradually improved, large markets outperformed smaller ones, revenue over the next several years. We see another preprint helping Tribune achieve record-setting earnings per share in the growth opportunity in South Florida so the Sun-Sentinel is investing fourth quarter and for the full year. in new insertion facilities that will be operational later this year. Operating cash flow in 2002 grew 20 percent to $1.5 billion, and Growing national advertising is a priority, too. Tribune Media we generated free cash flow of about $700 million. Our continued Net produced about $60 million in incremental revenue from focus on cost control reduced expenses by 3 percent, and we newspaper and cross-media ad programs in 2002 — nearly lowered debt by $650 million. Also in 2002, cash-flow margins double what the unit generated in 2001, its first full year. These improved in publishing and broadcasting, and our interactive dollars, allocated by national marketers for brand-building businesses showed strong growth and turned cash-flow positive. campaigns, are above and beyond what our local businesses Tribune’s solid financial performance was reflected in our could attract on their own. With our multimedia strength in the stock price. Total return on top three markets, we anticipate TRB shares — change in stock more than $70 million in incre- price plus dividends — was 23 mental sales through Tribune percent in 2002, compared with Media Net in 2003. a negative total return of 22 Another positive develop- percent for the Standard & ment in 2002 was the emergence Poor’s 500 Index and negative of CareerBuilder, our brand in 15 percent for the Dow Jones the online recruitment segment Industrial Average. Our per- of classified advertising. Despite formance ranked No. 23 among a very tough help-wanted mar- all stocks in the S&P 500. ketplace, CareerBuilder improved It was an outstanding year its market share at the expense Chairman John Madigan (left) and President/CEO Dennis FitzSimons at the Values in Action exhibit inside Tribune Tower. for Tribune journalism as well. of Monster, the category leader. Our newspapers won three The rebranding of our Sunday Pulitzer Prizes: two by the Los Angeles Times and one by Newsday. newspaper employment sections and the addition of Gannett These honors and many others —including numerous Emmy to the CareerBuilder partnership (joining Tribune and Knight Awards earned by our television stations and several prestigious Ridder) have greatly extended the brand’s reach. The multimedia awards for our Web sites — symbolize Tribune’s commitment to promotional strength that our three companies bring to journalistic excellence. They also reinforce our belief that talented CareerBuilder is a powerful advantage that no competitor can and dedicated people are this company’s most important asset. match, and it will help us gain even more market share as the economy expands. While winning in classifieds is vital to our future, an important INCREASING NEWSPAPER REVENUES AND READERSHIP In all of our markets, we aim to maximize Tribune’s share of local challenge facing the entire newspaper industry is readership. advertising dollars. One major priority in publishing is preprinted A Wall Street media analyst recently said that readership, inserts, a highly profitable and growing advertising segment. as opposed to circulation, is fast becoming the most relevant State-of-the-art preprint facilities at the Los Angeles Times and metric to gauge newspaper audiences for ad buyers and marketers. Chicago Tribune, completed in 2002, have greatly enhanced zoning We agree, and Tribune newspapers are moving quickly with 2
  7. 7. innovative steps that get results. In fact, readership is up at our South Florida, we actively promote our newspapers’ content during newspapers in New York, Los Angeles and Chicago. evening newscasts, pointing readers to the next day’s editions. To grow readership significantly, we believe new products are needed — innovations that broaden our newspaper audience. ACQUISITIONS, STRONG RATINGS LEAD TV GROWTH RedEye, a new daily edition of the Chicago Tribune introduced In television, we announced three station acquisitions in 2002, last fall, is written for young adults looking for a newspaper that’s advancing our goal to build scale in the nation’s top 30 markets. quicker to read and easier to digest. So far, readers’ response has Regulatory approval for the acquisitions of WB affiliates KPLR-TV, been very encouraging, and advertisers are enthusiastic about St. Louis, and KWBP-TV, Portland, Ore., is expected in the first RedEye’s ability to reach the critical 18-to-34 demographic. quarter. Tribune will then have 26 owned and operated stations in We’re also putting greater emphasis on our Spanish-language addition to Superstation WGN. newspapers that serve the large and increasing Hispanic popula- Expanding our national footprint also means creating more tions in major markets. Our star in this category is Hoy, the leading two-station clusters. The acquisition of WTTV-TV last summer Spanish-language daily in the New York metro area. Tribune made Indianapolis our fourth two-station market, joining Seattle, CAREERBUILDER TV NEWS INSERTS REVENUE SECTIONS IN HOURS UP MORE THAN 130 41% $500 NEWSPAPERS FROM THREE MILLION NATIONWIDE YEARS AGO IN 2002 Preprinted inserts drive retail-advertising growth High-quality local news programming attracts The combined multimedia promotional strength for Tribune newspapers, and we’re investing viewers and advertisers alike, and Tribune stations of CareerBuilder partners Tribune, Knight Ridder aggressively to boost local market shares in this now air 213 hours of locally produced news every and Gannett brings valuable “offline” exposure to fast-growing, high-margin ad category. New week. “The WB11 Morning News” on New York’s the online brand. A national marketing campaign insertion facilities opened in 2002 at the WPIX-TV (above) expanded by an hour in 2002, now in progress positions CareerBuilder as Los Angeles Times and Chicago Tribune. increasing the show’s already strong ratings. “the smarter way to find a better job.” Publishing recently promoted Hoy’s publisher to the newly created Hartford and New Orleans. With multiple stations we can achieve position of vice president of Hispanic media. Louis Sito will higher operating margins in a number of ways, such as cross expand our initiatives in this important segment with the same promoting to improve program ratings and consolidating back- vision and passion that he and his team have shown in making office expenses and news departments. Hoy such a remarkable success since its launch five years ago. In all of our markets, the fringe periods before and after prime Targeted products like RedEye and Hoy are just part of the time play a critical role, delivering 40 percent of overall television story — we’re stepping up promotion to boost readership, too. revenue. Ratings for the newest sitcom on Tribune stations, Tribune newspapers are marketing themselves and their content “Will & Grace,” are excellent as are those for “Friends” and more aggressively than ever, including strategically placed in-paper “Everybody Loves Raymond.” The size of Tribune’s station group ads that alert readers to stories in other sections or upcoming translates into buying power when acquiring the syndication editions. Our newspapers are applying in print some of the same rights to these and other popular shows. proven techniques that our television stations use to attract Tribune’s longstanding partnership with The WB Network viewers. And in New York, Los Angeles, Chicago, Hartford and produced audience and market share growth for our stations in 3
  8. 8. 2002 as each of our 17 WB affiliates benefited from the network’s Technology, Inc., a healthcare, benefits and technology consulting outstanding fall season. Ratings during the November sweeps firm that she founded in 1985. We are fortunate to have each of period were The WB’s best ever, and it registered the highest these highly qualified executives serving Tribune shareholders. audience gains of any network. It did so by doing what it has They share our commitment to an active board dedicated to strong always done best — attract the teenage and young-adult viewers corporate governance. that prime-time advertisers covet. Two long-time directors, Nancy Hicks Maynard and James J. More advertisers are including Superstation WGN in their O’Connor, will retire from board service in May. Nancy has served media plans as well. The channel currently reaches 57 million more than seven years and Jim for nearly 20. Tribune shareholders homes outside Chicago via cable and direct broadcast satellite, have benefited greatly from their leadership, and we sincerely and Tribune Broadcasting is working to increase that subscriber appreciate their efforts. base in 2003. With dual revenue streams from advertising and subscriber fees, the superstation is a great business with exciting OUTLOOK growth potential. Tribune is well positioned during a time of rapid change in the Our television stations and newspapers are complemented by media industry. Market fragmentation, caused by the tremendous high-traffic news and information Web sites that are unrivaled growth in consumer media choices, has made it more difficult for among their peers for content and functionality. The sites are advertisers to reach broad audiences quickly and efficiently. That operated by Tribune Interactive, which in 2002 achieved prof- makes our company’s local mass-media assets more valuable itability for the first time. Since its creation three years ago, Tribune than ever. Through newspapers, television and the Web, or any Interactive has dramatically improved cash flow through revenue combination of the three, we can help advertisers succeed in building and cost reduction. Its lead role in our CareerBuilder the markets they value most. At the same time, we’ve expanded business positions Tribune for growth in the important help-wanted our product options for clients who need to reach specific segment of classified advertising. demographic groups. Tribune has long advocated changes to the current rules gov- erning media ownership. The Federal Communications Commission LEADERSHIP CHANGES On Jan. 1, 2003, Dennis FitzSimons, who had been president took steps in 2002 that we believe signal further deregulation and chief operating officer, became president and chief executive ahead. With increasing cash flow and a strong balance sheet, we officer. In the final phase of Tribune’s management transition, can take advantage of opportunities to expand as the regulatory John Madigan, who had been chairman and chief executive officer, climate evolves. will remain chairman until he retires on Dec. 31, 2003, and serve We look forward to another excellent year in 2003. Our on the board of directors until the 2004 annual meeting. successful local mass-media strategy remains in place, applied Patrick Mullen, previously president of Tribune Television, was with integrity by employees who believe in putting Tribune’s named president of Tribune Broadcasting in January 2003. Pat guiding values into action every day. has been a great leader for the company’s television group, most recently by spearheading the acquisitions in St. Louis and Portland. Sincerely, We welcomed two new members to the Tribune board of directors in late 2002 — Betsy D. Holden and Kathryn C. Turner. Betsy is co-chief executive officer of Kraft Foods, Inc., and president Dennis J. FitzSimons John W. Madigan President and Chief Executive Officer Chairman and chief executive officer of Kraft Foods North America. She has served Kraft in various management positions since 1982. February 26, 2003 Kathryn is chairperson and chief executive officer of Standard 4
  9. 9. Tribune Company and Subsidiaries FINANCIAL HIGHLIGHTS 2001(1) FOR THE YEAR (in thousands, except per share data) 2002 Operating revenues $ 5,384,428 $ 5,253,366 Operating profit before restructuring charges $ 1,275,785 $ 802,229 Restructuring charges 27,253 151,892 Operating profit including restructuring charges $ 1,248,532 $ 650,337 Net income Continuing operations before cumulative effect of accounting change $ 608,579 $ 111,136 Cumulative effect of accounting change, net (165,587) – Total $ 442,992 $ 111,136 Diluted Continuing operations before cumulative effect earnings of accounting change $ 1.80 $ .28 per share Cumulative effect of accounting change, net (.50) – Total $ 1.30 $ .28 Common dividends per share $ .44 $ .44 Common high $ 49.49 $ 45.90 stock price low $ 35.66 $ 29.71 per share close $ 44.47 $ 37.74 AT YEAR END Dec. 29, 2002 Dec. 30, 2001 Total assets $14,078,328 $14,484,867 Total debt (excluding PHONES) $ 2,749,630 $ 3,411,582 Shareholders’ equity $ 6,140,100 $ 5,651,168 Common shares outstanding 305,909 298,003 (1) 2001 results do not reflect the non-amortization provisions of Financial Accounting Standard No. 142, which requires that goodwill and certain intangible assets no longer be amortized to earnings, but periodically be reviewed for impairment. 5
  10. 10. TRIBUNE IN THE COMMUNITY OUR COMMITMENT TO THE COMMUNITIES WE SERVE GOES WELL BEYOND PROVIDING NEWS, INFORMATION AND ENTERTAINMENT. Tribune’s local media businesses support a wide range of nonprofit organizations that help people in need and contribute to building healthy, vibrant communities. As a company and as individuals, giving back is the right thing to do. Citizenship is also good business because as our communities grow stronger, so does our company. Community involvement comes easily to our local business units. That’s partly due to the nature of their work— reporting the news of their communities and supplying information to the people who live in them. In the course of these activities, our businesses often discover and act upon opportunities to address important needs. Local initiatives such as “Reading by 9,” the Sun-Sentinel Diversity Venture Fund and WPHL-TV’s partnership with the Police Athletic League in Philadelphia make a positive difference in the lives of many people, as does Tribune’s longstanding support of United Way. Tribune employees at all levels donate time, talent and dollars to our philanthropic efforts. Their generosity and citizenship are a source of pride within the company and, we hope, an inspiration to others. 6
  11. 11. FAR LEFT Orlando Sentinel employees serve as reading mentors during regular visits to local elementary schools — part of the newspaper’s “Reading by 9” program, a child literacy initiative originated by The Baltimore Sun. MIDDLE In New Orleans, “Bruce’s Coats for Kids” has collected more than 30,000 coats over the past seven years. Bruce Katz, WGNO-TV chief meteorologist, is spokesperson for the annual drive. NEAR LEFT Cubs slugger Sammy Sosa greets some excited youngsters at last summer’s opening of a baseball diamond named in his honor. Sammy Sosa’s Inspiration Field is part of Cubs Care Park, a miniature replica of Wrigley Field on Chicago’s Near North Side. Cubs Care, the ballclub’s charitable arm and a fund of the McCormick Tribune Foundation, provided $1 million to the YMCA of Metropolitan Chicago to build the facility. > McCORMICK T R I B U N E F O U N DAT I O N Though legally independent from Tribune Company, the at Northwestern University’s Medill School of Journalism McCormick Tribune Foundation plays a vital role in our in Evanston, Ill. The $17.5 million state-of-the-art facility local media outlets’ support of their communities. houses Medill’s journalism and integrated marketing Tribune business units are partners in the foundation’s communications programs, with multimedia classrooms, communities program, which establishes and administers broadcast studios and a 150-seat theater for public charitable funds in their names. Our businesses raise affairs programs. money from the public on behalf of these funds, primarily The McCormick Tribune Foundation is one of the nation’s through in-kind contributions of staff time and media largest charitable organizations, with assets of more than support. The foundation then provides matching dollars $2 billion and annual giving exceeding $100 million. and awards grants to local nonprofit organizations on Grants are awarded in four program areas—communities, behalf of the funds. In 2002, charitable funds of the education, journalism and citizenship — and through foundation in partnership with Tribune business units a special initiatives program. The foundation was estab- issued grants totaling more than $35 million. lished as a charitable trust in 1955 upon the death of Col. A major foundation initiative came to fruition last fall Robert R. McCormick, longtime editor and publisher of when the McCormick Tribune Center (right) was dedicated the Chicago Tribune. 7
  12. 12. BOARD OF DIRECTORS Jeffrey Chandler Robert S. Morrison President and Chief Executive Officer of Chandler Ranch Co., Retired Vice Chairman of PepsiCo, Inc., and Chairman of an avocado producer PepsiCo Beverages and Foods North America Dennis J. FitzSimons James J. O'Connor President and Chief Executive Officer of Tribune Company Retired Chairman and Chief Executive Officer of Unicom Corporation, a holding company, and Commonwealth Edison Company, Jack Fuller an electric utility President of Tribune Publishing Company William A. Osborn Roger Goodan Chairman and Chief Executive Officer of Northern Trust Corporation, Consultant to Schlumberger Limited, a global technology a multibank holding company, and its principal subsidiary, services company The Northern Trust Company Enrique Hernandez, Jr. Patrick G. Ryan Chairman and Chief Executive Officer of Inter-Con Security Chairman and Chief Executive Officer of Aon Corporation Systems, Inc., an international security services firm William Stinehart, Jr. Betsy D. Holden Partner in Gibson, Dunn & Crutcher LLP, a law firm Co-Chief Executive Officer, Kraft Foods, Inc., and President and Chief Executive Officer of Kraft Foods North America Dudley S. Taft President and Director of Taft Broadcasting Company, John W. Madigan an investor in media and entertainment companies Chairman of Tribune Company Kathryn C. Turner Nancy Hicks Maynard Chairperson and Chief Executive Officer of Standard Technology, Inc., President of Maynard Partners Incorporated, a healthcare, benefits and technology consulting firm consultants in news media economics CORPORATE MANAGEMENT John W. Madigan Andrew J. Oleszczuk Susan M. Mitchell Chairman Senior Vice President, Development Vice President, Human Resources Service Center Dennis J. FitzSimons Thomas G. Caputo President and Chief Executive Officer Vice President, Audit Ruthellyn Musil Vice President, Corporate Relations Jack Fuller James L. Ellis President, Tribune Publishing Vice President, Brand Management Patrick M. Shanahan Vice President, Tax David D. Hiller Irene M. Freutel President, Tribune Interactive Vice President, Compensation Shaun Sheehan and Benefits Vice President, Washington Affairs Patrick J. Mullen President, Tribune Broadcasting David J. Granat David L. Underhill Vice President and Treasurer Vice President, Intergroup Development Donald C. Grenesko Senior Vice President, Mark W. Hianik Howard G. Weinstein Finance and Administration Vice President, Assistant General Vice President, Employee and Counsel and Assistant Secretary Labor Relations Crane H. Kenney Senior Vice President, Steve Howell Gary Weitman General Counsel and Secretary Vice President, Safety and Vice President, Communications Security Services Luis E. Lewin Senior Vice President, R. Mark Mallory Human Resources Vice President and Controller 8
  13. 13. DIRECT STOCK PURCHASE PLAN Tribune’s DirectSERVICE Investment Program enables both SHAREHOLDER registered shareholders and new investors to buy and sell INFORMATION shares of Tribune common stock directly through EquiServe. Please contact EquiServe for more information. ANNUAL MEETING Tribune’s 2003 Annual Meeting of Shareholders will be held CORPORATE HEADQUARTERS in Chicago on Tuesday, May 6, at the Swissôtel, 323 East Tribune Company Wacker Drive. The meeting will begin at 11 a.m. Central time 435 North Michigan Avenue and a live Webcast will be available at www.tribune.com. Chicago, Illinois 60611 312/222-9100 EQUAL EMPLOYMENT OPPORTUNITY Tribune believes in equal employment opportunity. Tribune’s INTERNET ADDRESS policy is to hire and promote the most qualified applicants and www.tribune.com to comply with all federal, state and local equal employment opportunity laws. INVESTOR INFORMATION Current and prospective Tribune investors can receive FORWARD-LOOKING STATEMENTS the annual report, proxy statement, earnings This report contains comments and forward-looking statements announcements and other reports and publications that are based largely on Tribune’s current expectations and at no cost by calling 800/757-1694. The annual report, are subject to certain risks, trends and uncertainties. Such proxy and related financial information also are available comments and statements should be understood in the on Tribune’s Web site. The contact for securities analysts, context of Tribune’s publicly available reports filed with the portfolio managers and individual investors is Securities and Exchange Commission, including the most Ruthellyn Musil, Vice President/Corporate Relations. recent 10-K and 10-Q, which discuss various factors that Call 312/222-3787 or e-mail rmusil@tribune.com. may affect the company’s business. These factors could cause actual future performance to differ materially from current STOCK INFORMATION expectations. Tribune is not responsible for updating the Tribune common stock is listed on the New York, Chicago information contained in this report. and Pacific stock exchanges under the ticker symbol TRB. The current dividend rate is $.11 per share per quarter. CREDITS INDEPENDENT ACCOUNTANTS PricewaterhouseCoopers LLP, Chicago PRINCIPAL PHOTOGRAPHY Derek Snape / San Francisco TRANSFER AGENT AND REGISTRAR OTHER PHOTOS EquiServe Trust Company, N.A. maintains shareholder records. Alex A. Garcia, Chicago Tribune, p.2 David Cotton, Orlando Sentinel Communications, p.6 (left) For assistance on matters such as lost shares, name changes Glenn Kaupert, Chicago Tribune, p.7 (top) on shares or transfers of ownership, please contact: José M. Osorio, Chicago Tribune, p.7 (bottom) EquiServe Trust Company DESIGN P.O. Box 43069 Pressley Jacobs: a design partnership / Chicago Providence, Rhode Island 02940-3069 PRINTING 800/446-2617 The Hennegan Company / Florence, Ky. www.equiserve.com Merrill Corporation / Chicago
  14. 14. TRIBUNE COMPANY 435 NORTH MICHIGAN AVENUE, CHICAGO, ILLINOIS 60611 WWW.TRIBUNE.COM

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