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TRIBUNE COMPANY
                                          THIRD QUARTER RESULTS OF OPERATIONS (Unaudited)
                                                   (In thousands, except per share data)


                                                                                                  THIRD QUARTER (A)
                                                                                                                                       2002 vs. 2001
                                                                                                               2001                      Adjusted
                                                                                 2002         Adjusted (B)            Actual            % Change

OPERATING REVENUES                                                           $   1,340,494    $ 1,275,498        $     1,275,498                     5

OPERATING PROFIT BEFORE RESTRUCTURING CHARGES                                $     322,190    $     207,171      $       148,723                56
Restructuring Charges (C)                                                              -           (130,656)            (130,656)             (100)

OPERATING PROFIT                                                                   322,190          76,515                18,067                NM

Net Loss on Equity Investments                                                     (27,595)          (9,815)             (12,555)              NM
Interest Expense, net                                                              (50,112)         (60,813)             (60,813)              (18)

Income (Loss) Before Taxes and Non-Operating Items                                 244,483            5,887              (55,301)               NM

Income Taxes Related to Operations                                                 (89,340)          (2,844)               4,472                NM

Income (Loss) Before Non-Operating Items                                           155,143            3,043              (50,829)               NM

Non-Operating Items:
   Gain (Loss) on Derivatives and Related Investments (D)                           21,667          (91,250)             (91,250)              NM
   Gain on Sales of Subsidiaries and Investments (E)                               103,314            1,533                1,533               NM
   Investment Write-Downs                                                           (2,334)         (54,730)             (54,730)              (96)
   Other Non-Operating Gain                                                          5,881              -                    -                 NM

   Total Non-Operating Items                                                       128,528         (144,447)            (144,447)               NM

   Income Taxes Related to Non-Operating Items                                     (46,866)         56,349                56,349                NM

NET INCOME (LOSS)                                                                  236,805          (85,055)            (138,927)               NM

Preferred Dividends, net of tax                                                     (6,578)          (6,701)              (6,701)                (2)

Net Income (Loss) Attributable to Common Shares                              $     230,227    $     (91,756)     $      (145,628)               NM

EARNINGS (LOSS) PER SHARE
  Basic:
         Before restructuring charges and non-operating items                $          .49   $         .26      $             .07              88

          Including restructuring charges and non-operating items            $          .76   $        (.31)     $             (.49)            NM

   Diluted:
          Before restructuring charges and non-operating items (F)           $          .46   $         .24      $             .07              92

          Including restructuring charges and non-operating items (G)        $          .71   $        (.31)     $             (.49)            NM

DIVIDENDS PER COMMON SHARE                                                   $          .11   $         .11      $             .11               -

Weighted Average Common Shares Outstanding (H)                                     302,343         297,527               297,527                     2




                                                                        Page 6
(A)   2002 quarter: July 1, 2002 to Sept. 29, 2002. (13 weeks)
      2001 quarter: July 2, 2001 to Sept. 30, 2001. (13 weeks)

(B)   Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible
      Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain
      other intangible assets. As a result, third quarter 2001 amortization was reduced from $61.0 million to an adjusted $2.6 million.
      In addition, third quarter 2001 equity losses decreased from $12.6 million to an adjusted $9.8 million due to the adoption of
      this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is
      non-deductible, third quarter 2001 income tax expense decreased from a $60.8 million benefit to an adjusted $53.5 million benefit.
      In total, third quarter 2001 diluted EPS, before restructuring charges and non-operating items, increased from $.07 to an adjusted $.24.

(C)   In the third quarter of 2001, the Company recorded pretax restructuring charges of $130.7 million ($79.7 million after-tax)
      primarily for various cost reduction initiatives, which reduced adjusted diluted earnings per share by $.25.

(D)   Gain (loss) on derivatives and related investments relates primarily to the net change in fair values of the Company's
      PHONES derivatives and related AOL Time Warner shares.

(E)   In the third quarter of 2002, gain on sales of subsidiaries and investments of $103.3 million ($63.2 million after-tax) relates primarily
      to the divestiture of two Denver radio stations, KOSI-FM and KEZW-AM, which were exchanged for the assets of two television
      stations, WTTV, Indianapolis, and its satellite station WTTK, Kokomo, Indiana, from Sinclair Broadcast Group.

(F)   For 2002 and adjusted 2001, diluted EPS before restructuring charges and non-operating items was computed assuming
      that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares.
      Also, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. For actual
      2001, the Company's stock options and convertible securities were not included in the calculation of diluted
      EPS because their effects were antidilutive. The Company has certain other convertible securities which were
      not included in the calculation of diluted EPS because their effects were antidilutive. Following are the
      calculations for the third quarter:
                                                                                                      Third Quarter
                                                                                                                    2001
                                                                                        2002              Adjusted       Actual

      Income (loss) before non-operating items                                    $        155,143       $      3,043       $        (50,829)
      Add back restructuring charges, net of tax                                               -               79,687                 79,687
      Additional ESOP contribution required assuming Series B
        preferred shares were converted, net of tax                                         (2,165)            (2,574)                   -
      Dividends for Series B, C, D-1 and D-2 preferred stock                                (2,112)            (2,014)                (6,701)
      LYONs interest expense, net of tax                                                     1,541              1,537                    -
      Adjusted income before restructuring charges and non-operating items        $        152,407       $     79,679       $         22,157

      Weighted average common shares outstanding                                           302,343            297,527                297,527
      Assumed conversion of Series B preferred shares into common                           16,945             18,267                    -
      Assumed exercise of stock options, net of common
       shares assumed repurchased                                                             5,136             5,423                     -
      Assumed conversion of LYONs debt securities                                             7,014             7,272                     -
      Adjusted weighted average common
       shares outstanding                                                                  331,438            328,489                297,527

      Diluted earnings per share before restructuring charges
       and non-operating items                                                    $             .46       $        .24     $              .07




                                                                          Page 7
(G)   Following is a reconciliation of income before restructuring charges and non-operating items to net income:

                                                                                       Third Quarter 2002
                                                                                                      Diluted
                                                                                   Net Income           EPS

      Income before non-operating items                                        $        155,143       $        .46
      Non-operating items, net of tax                                                    81,662                .25
      Net income                                                               $        236,805       $        .71

                                                                                                         Third Quarter 2001
                                                                                   Adjusted           Adjusted            Actual           Actual
                                                                              Net Income (Loss)      Diluted EPS    Net Income (Loss)   Diluted EPS

      Income before restructuring charges and non-operating items              $         82,730       $        .24    $       28,858    $       .07
      Restructuring charges, net of tax                                                 (79,687)              (.25)          (79,687)          (.26)
      Non-operating items, net of tax                                                   (88,098)              (.30)          (88,098)          (.30)
      Net loss                                                                 $        (85,055)      $       (.31)   $     (138,927)   $      (.49)

(H)   The number of common shares outstanding, in thousands, at Sept. 29, 2002 was 303,087.




                                                                        Page 8
TRIBUNE COMPANY
                                          THREE QUARTERS RESULTS OF OPERATIONS (Unaudited)
                                                   (In thousands, except per share data)


                                                                                                THREE QUARTERS (A)
                                                                                                                                       2002 vs. 2001
                                                                                                               2001                      Adjusted
                                                                               2002            Adjusted (B)           Actual            % Change

OPERATING REVENUES                                                         $   3,954,685       $ 3,935,509       $     3,935,509                     -

OPERATING PROFIT BEFORE RESTRUCTURING CHARGES                              $     916,966       $    763,547      $       590,128                20
Restructuring Charges (C)                                                        (27,253)          (145,000)            (145,000)              (81)

OPERATING PROFIT                                                                 889,713           618,547               445,128                44

Net Loss on Equity Investments                                                   (51,903)           (40,182)             (48,417)               29
Interest Expense, net                                                           (154,814)          (186,952)            (186,952)              (17)

Income Before Taxes and Non-Operating Items                                      682,996           391,413               209,759                74

Income Taxes Related to Operations                                              (260,415)          (154,835)            (121,950)               68

Income Before Non-Operating Items and Cumulative Effect of Change
   in Accounting Principle                                                       422,581           236,578                87,809                79

Non-Operating Items:
   Loss on Derivatives and Related Investments (D)                              (122,801)           (49,487)             (49,487)              NM
   Gain on Sales of Subsidiaries and Investments (E)                             109,547              1,975                1,975               NM
   Investment Write-Downs                                                         (9,869)           (89,318)             (89,318)              (89)
   Other Non-Operating Gain                                                        5,881                -                    -                 NM

   Total Non-Operating Items                                                     (17,242)          (136,830)            (136,830)              (87)

   Income Taxes Related to Non-Operating Items                                        9,693         53,377                53,377               (82)

Income Before Cumulative Effect of Change in Accounting Principle                415,032           153,125                 4,356                NM

Cumulative Effect of Change in Accounting Principle, net of tax (F)             (165,587)               -                      -                NM

NET INCOME                                                                       249,445           153,125                 4,356                63

Preferred Dividends, net of tax                                                  (19,699)           (20,100)             (20,100)                (2)

Net Income (Loss) Attributable to Common Shares                            $     229,746       $   133,025       $       (15,744)               73

EARNINGS (LOSS) PER SHARE
  Basic:
         Before restructuring charges and non-operating items              $           1.39    $       1.02      $             .52              36

          Including restructuring charges and non-operating items          $           1.31    $        .45      $             (.05)            NM
          Cumulative effect of change in accounting principle, net                     (.55)            -                       -               NM
          Total                                                            $            .76    $        .45      $             (.05)            69

   Diluted:
          Before restructuring charges and non-operating items (G)         $           1.30    $        .96      $             .50              35

          Including restructuring charges and non-operating items          $           1.23    $        .43      $             (.05)            NM
          Cumulative effect of change in accounting principle, net                     (.50)            -                       -               NM
          Total (H)                                                        $            .73    $        .43      $             (.05)            70

DIVIDENDS PER COMMON SHARE                                                 $            .33    $        .33      $             .33               -

Weighted Average Common Shares Outstanding (I)                                   300,915           298,472               298,472                     1




                                                                      Page 9
(A)   2002 first three quarters: Dec. 31, 2001 to Sept. 29, 2002. (39 weeks)
      2001 first three quarters: Jan. 1, 2001 to Sept. 30, 2001. (39 weeks)

(B)   Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible
      Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain
      other intangible assets. As a result, the first three quarters 2001 amortization was reduced from $180.4 million to an adjusted $7.0 million.
      In addition, three quarters 2001 equity losses decreased from $48.4 million to an adjusted $40.2 million due to the adoption of
      this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is
      non-deductible, three quarters 2001 income tax expense increased from $68.6 million to an adjusted $101.5 million. In total, three
      quarters 2001 diluted EPS, before non-operating items and restructuring charges, increased from $.50 to an adjusted $.96.

(C)   In the first quarter of 2002, the Company recorded pretax restructuring charges of $27.3 million ($16.7 million after-tax)
      primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05. In the first three
      quarters of 2001, the Company recorded pretax restructuring charges of $145.0 million ($88.4 million after-tax), which
      reduced adjusted diluted earnings per share by $.27.

(D)   Loss on derivatives and related investments relates primarily to the net change in fair values of the Company's
      PHONES derivatives and related AOL Time Warner shares.

(E)   In the first three quarters of 2002, gain on sales of subsidiaries and investments of $109.5 million ($67.0 million after-tax) relates primarily
      to the divestiture of two Denver radio stations, KOSI-FM and KEZW-AM, which were exchanged for the assets of two television
      stations, WTTV, Indianapolis, and its satellite station WTTK, Kokomo, Indiana, from Sinclair Broadcast Group.

(F)   As a result of initially applying the new impairment provisions of FAS 142, the Company recorded a pretax charge of $271
      million ($166 million after-tax) in the first quarter of 2002, which decreased diluted EPS by $.50. This cumulative effect
      relates to certain of the Company's newspaper mastheads, a FCC license and a television network affiliation agreement.

(G)   For 2002 and adjusted 2001, diluted EPS before restructuring charges, non-operating items and the cumulative effect of change
      in accounting principle was computed assuming that the Series B convertible preferred shares and the LYONs debt securities
      were converted into common shares. Also, weighted average common shares outstanding was adjusted for the dilutive effect
      of stock options. For actual 2001, the conversion of the LYONs debt securities was not assumed because their effect was antidilutive.
      The Company has certain other convertible securities which were not included in the calculation of diluted EPS because
      their effects were antidilutive. Following are the calculations for the first three quarters:

                                                                                                        Three Quarters
                                                                                                                           2001
                                                                                         2002                 Adjusted            Actual
      Income before non-operating items and the cumulative effect
        of change in accounting principle                                         $         422,581       $     236,578      $         87,809
      Add back restructuring charges, net of tax                                             16,679              88,436                88,436
      Additional ESOP contribution required assuming Series B
        preferred shares were converted, net of tax                                          (7,123)             (7,803)               (7,803)
      Dividends for Series C, D-1 and D-2 preferred stock                                    (6,142)             (6,042)               (6,042)
      LYONs interest expense, net of tax                                                      4,666               4,577                   -
      Adjusted income before restructuring charges, non-operating items
        and the cumulative effect of change in accounting principle               $         430,661       $     315,746      $        162,400

      Weighted average common shares outstanding                                            300,915             298,472               298,472
      Assumed conversion of Series B preferred shares into common                            16,945              18,267                18,267
      Assumed exercise of stock options, net of common
       shares assumed repurchased                                                               6,083             6,224                 6,224
      Assumed conversion of LYONs debt securities                                               7,122             7,272                   -
      Adjusted weighted average common
       shares outstanding                                                                   331,065             330,235               322,963

      Diluted earnings per share before restructuring charges, non-operating
       items and the cumulative effect of change in accounting principle          $              1.30     $         .96      $             .50




                                                                          Page 10
(H)   Following is a reconciliation of income before restructuring charges, non-operating items and the cumulative effect of change
      in accounting principle to net income:

                                                                                      Three Quarters 2002
                                                                                                      Diluted
                                                                                   Net Income          EPS

      Income before restructuring charges, non-operating items
        and the cumulative effect of change in accounting principle            $        439,260       $       1.30
      Restructuring charges, net of tax                                                 (16,679)              (.05)
      Non-operating items, net of tax                                                    (7,549)              (.02)
      Cumulative effect of change in accounting principle, net of tax                  (165,587)              (.50)
      Net income                                                               $        249,445       $        .73


                                                                                                         Three Quarters 2001
                                                                                    Adjusted           Adjusted           Actual               Actual
                                                                                   Net Income         Diluted EPS       Net Income          Diluted EPS

      Income before restructuring charges and non-operating items              $        325,014       $        .96      $        176,245    $       .50
      Restructuring charges, net of tax                                                 (88,436)              (.27)              (88,436)          (.28)
      Non-operating items, net of tax                                                   (83,453)              (.26)              (83,453)          (.27)
      Net income                                                               $        153,125       $        .43      $          4,356    $      (.05)



(I)   The number of common shares outstanding, in thousands, at Sept. 29, 2002 was 303,087.




                                                                        Page 11
TRIBUNE COMPANY
                                             BUSINESS SEGMENT DATA (Unaudited)
                                                        (In thousands)

                                                                               THIRD QUARTER
                                                                                                                     2002 vs. 2001
                                                                                                                       Adjusted
                                                                                             2001
                                                                  2002           Adjusted (A)           Actual        % Change
PUBLISHING
   Operating Revenues                                        $     927,006       $     906,500      $    906,500                2
   Cash Operating Expenses (B)                                    (689,410)           (740,180)         (740,180)              (7)
   EBITDA before Restructuring Charges (C)                         237,596             166,320           166,320               43

    Operating Profit before Restructuring Charges                  195,547             127,501            89,483              53
    Restructuring Charges                                              -              (122,500)         (122,500)            NM
    Total Operating Profit (Loss)                            $     195,547       $       5,001      $    (33,017)            NM

BROADCASTING AND ENTERTAINMENT
  Operating Revenues
   Television                                                $     309,953       $     273,943      $    273,943               13
   Radio/Entertainment                                              83,551              79,943            79,943                5
   Total Operating Revenues                                        393,504             353,886           353,886               11

    Cash Operating Expenses (B)
     Television                                                   (177,975)           (177,346)         (177,346)               -
     Radio/Entertainment                                           (67,632)            (69,940)          (69,940)              (3)
     Total Cash Operating Expenses                                (245,607)           (247,286)         (247,286)              (1)

    EBITDA before Restructuring Charges (C)
     Television                                                    131,978              96,597            96,597               37
     Radio/Entertainment                                            15,919              10,003            10,003               59
     Total EBITDA before Restructuring Charges                     147,897             106,600           106,600               39

    Operating Profit
     Television                                                    122,112              86,004            67,433              42
     Radio/Entertainment                                            14,388               8,785             8,682              64
     Total before Restructuring Charges                            136,500              94,789            76,115              44
     Restructuring Charges                                             -                (4,190)           (4,190)            NM
     Total Operating Profit                                  $     136,500       $      90,599      $     71,925              51

INTERACTIVE
   Operating Revenues                                        $       19,984      $      15,112      $      15,112             32
   Cash Operating Expenses (B)                                      (15,064)           (19,234)           (19,234)           (22)
   EBITDA before Restructuring Charges (C)                            4,920             (4,122)            (4,122)           NM

    Operating Profit (Loss) before Restructuring Charges              3,516              (5,391)           (7,147)           NM
    Restructuring Charges                                               -                (2,551)           (2,551)           NM
    Total Operating Profit (Loss)                            $        3,516      $       (7,942)    $      (9,698)           NM

CORPORATE EXPENSES
  EBITDA before Restructuring Charges (C)                    $      (12,707)     $       (9,168)    $      (9,168)             39

    Operating Loss before Restructuring Charges                     (13,373)            (9,728)            (9,728)            37
    Restructuring Charges                                               -               (1,415)            (1,415)           NM
    Total Operating Loss                                     $      (13,373)     $     (11,143)     $     (11,143)            20

CONSOLIDATED
  Operating Revenues                                         $    1,340,494      $    1,275,498     $ 1,275,498                 5
  Cash Operating Expenses (B)                                      (962,788)         (1,015,868)      (1,015,868)              (5)
  EBITDA before Restructuring Charges (C)                           377,706             259,630          259,630               45

    Operating Profit before Restructuring Charges                  322,190             207,171           148,723              56
    Restructuring Charges                                              -              (130,656)         (130,656)            NM
    Total Operating Profit                                   $     322,190       $      76,515      $     18,067             NM

(A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were
    effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets.
(B) Cash operating expenses exclude restructuring charges.
(C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity
    results and non-operating items.




                                                                 Page 12
TRIBUNE COMPANY
                                             BUSINESS SEGMENT DATA (Unaudited)
                                                        (In thousands)

                                                                              THREE QUARTERS
                                                                                                                     2002 vs. 2001
                                                                                                                       Adjusted
                                                                                             2001
                                                                  2002           Adjusted (A)           Actual        % Change
PUBLISHING
   Operating Revenues                                        $    2,824,259     $    2,861,196      $ 2,861,196                (1)
   Cash Operating Expenses (B)                                   (2,092,546)        (2,233,424)       (2,233,424)              (6)
   EBITDA before Restructuring Charges (C)                          731,713            627,772           627,772               17

    Operating Profit before Restructuring Charges                  606,433            509,408            396,595               19
    Restructuring Charges                                          (24,760)          (135,944)          (135,944)             (82)
    Total Operating Profit                                   $     581,673      $     373,464       $    260,651               56

BROADCASTING AND ENTERTAINMENT
  Operating Revenues
   Television                                                $      882,154     $     851,334       $     851,334               4
   Radio/Entertainment                                              190,616           179,799             179,799               6
   Total Operating Revenues                                       1,072,770         1,031,133           1,031,133               4

    Cash Operating Expenses (B)
     Television                                                   (530,628)          (524,399)          (524,399)               1
     Radio/Entertainment                                          (168,891)          (165,304)          (165,304)               2
     Total Cash Operating Expenses                                (699,519)          (689,703)          (689,703)               1

    EBITDA before Restructuring Charges (C)
     Television                                                    351,526            326,935            326,935                8
     Radio/Entertainment                                            21,725             14,495             14,495               50
     Total EBITDA before Restructuring Charges                     373,251            341,430            341,430                9

    Operating Profit
     Television                                                    321,917            296,431            241,412                9
     Radio/Entertainment                                            17,107             10,930             10,617               57
     Total before Restructuring Charges                            339,024            307,361            252,029               10
     Restructuring Charges                                          (1,087)            (4,357)            (4,357)             (75)
     Total Operating Profit                                  $     337,937      $     303,004       $    247,672               12

INTERACTIVE
   Operating Revenues                                        $       57,656     $      43,180       $      43,180             34
   Cash Operating Expenses (B)                                      (48,719)          (59,435)            (59,435)           (18)
   EBITDA before Restructuring Charges (C)                            8,937           (16,255)            (16,255)           NM

    Operating Profit (Loss) before Restructuring Charges             4,702            (20,310)            (25,584)           NM
    Restructuring Charges                                             (163)            (2,917)             (2,917)           (94)
    Total Operating Profit (Loss)                            $       4,539      $     (23,227)      $     (28,501)           NM

CORPORATE EXPENSES
  EBITDA before Restructuring Charges (C)                    $      (31,327)    $     (30,764)      $     (30,764)              2

    Operating Loss before Restructuring Charges                     (33,193)          (32,912)            (32,912)              1
    Restructuring Charges                                            (1,243)           (1,782)             (1,782)            (30)
    Total Operating Loss                                     $      (34,436)    $     (34,694)      $     (34,694)             (1)

CONSOLIDATED
  Operating Revenues                                         $    3,954,685     $    3,935,509      $ 3,935,509                 -
  Cash Operating Expenses (B)                                    (2,872,111)        (3,013,326)       (3,013,326)              (5)
  EBITDA before Restructuring Charges (C)                         1,082,574            922,183           922,183               17

    Operating Profit before Restructuring Charges                  916,966            763,547            590,128               20
    Restructuring Charges                                          (27,253)          (145,000)          (145,000)             (81)
    Total Operating Profit                                   $     889,713      $     618,547       $    445,128               44

(A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were
    effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets.
(B) Cash operating expenses exclude restructuring charges.
(C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity
    results and non-operating items.




                                                                 Page 13
TRIBUNE COMPANY
                                                SUMMARY OF REVENUES (Unaudited)
                                               For Third Quarter Ended September 29, 2002
                                                             (In thousands)

                                                             Third Quarter (13 weeks)                          Year-to-Date (39 weeks)
                                                                                         %                                                 %
                                                          2002              2001       Change             2002            2001           Change
Publishing
    Advertising
                                                       $ 293,654       $ 275,443                       $ 889,034       $ 872,095
         Retail                                                                               7                                                2
                                                                                                         503,588         499,762
         National                                        157,988         149,955              5                                                1
                                                                                                         750,150         824,109
         Classified                                      248,808         256,759             (3)                                              (9)

         Sub-Total                                        700,450           682,157          3          2,142,772       2,195,966             (2)
                                                                                                          501,450         494,707
     Circulation                                          165,906           164,424          1                                                 1
                                                                                                          180,037         170,523
     Other                                                 60,650            59,919          1                                                 6

     Segment Total (A) (B)                                927,006           906,500          2          2,824,259       2,861,196             (1)

Broadcasting & Entertainment
    Television (C)                                        309,953           273,943         13            882,154         851,334              4
                                                                                                          190,616         179,799
    Radio/Entertainment                                    83,551            79,943          5                                                 6

     Segment Total (D)                                    393,504           353,886         11          1,072,770       1,031,133              4

                                                                                                           57,656           43,180
                                                            19,984           15,112         32                                               34
Interactive

                                                       $1,340,494      $ 1,275,498           5         $3,954,685      $3,935,509              -
Consolidated Revenues (E)


(A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues.
(B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001 andChicago magazine, acquired in July 2002.
    Excluding these acquisitions, publishing revenues increased 2% for the quarter and decreased 2% for the year-to-date. Excluding these
    acquisitions, retail revenues increased 6% for the quarter and 2% for the year-to-date. Excluding these acquisitions, total advertising revenues
    increased 2% for the quarter and decreased 3% for the year-to-date.
(C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford,
    acquired in August 2001 and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 12%
    for the quarter and 2% for the year-to-date. Third quarter includes copyright royalties of $1.1 million in 2002 and $10.8 million in 2001.
    Year-to-date includes copyright royalties of $3.1 million in 2002 and $28.9 million in 2001. Excluding acquisitions and copyright
    royalties, television revenues increased 16% for the quarter and 5% for the year-to-date.
(D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 13% for the quarter and 5% for the
    year-to-date.
(E) Excluding acquisitions and copyright royalties, consolidated revenues increased 5% for the quarter and were flat for the year-to-date.

                                                                       14
TRIBUNE COMPANY
                           SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
                                    For Third Quarter Ended September 29, 2002
                                                  (In thousands)

                                                   Third Quarter (13 weeks)                     Year-to-Date (39 weeks)
                                                                             %                                          %
                                                2002           2001        Change           2002          2001        Change
Full Run
                                                    595              621                     1,850          1,970
     L.A. Times                                                                  (4)                                        (6)
                                                    542              515                     1,589          1,616
     Chicago Tribune                                                              5                                         (2)
                                                    394              412                     1,192          1,260
     Newsday                                                                     (4)                                        (5)
                                                  3,293            3,345                     9,958         10,318
     Other Daily Newspapers (B)                                                  (2)                                        (3)
                                                  4,824            4,893                    14,589         15,164
     Total                                                                       (1)                                        (4)

Part Run
                                                  1,461            1,320                     4,202          3,790
    L.A. Times                                                                   11                                         11
                                                  1,432            1,404                     4,060          4,208
    Chicago Tribune                                                               2                                         (4)
                                                    404              386                     1,252          1,220
    Newsday                                                                       5                                          3
                                                  1,442            1,432                     4,548          4,552
    Other Daily Newspapers (B)                                                    1                                          -
                                                  4,739            4,542                    14,062         13,770
    Total                                                                         4                                          2

Total Advertising Inches
    Full Run
                                                  1,436            1,468                     4,409          4,663
         Retail                                                                  (2)                                        (5)
                                                    774              768                     2,434          2,473
         National                                                                 1                                         (2)
                                                  2,614            2,657                     7,746          8,028
         Classified                                                              (2)                                        (4)
                                                  4,824            4,893                    14,589         15,164
         Sub-Total                                                               (1)                                        (4)
    Part Run                                      4,739            4,542          4         14,062         13,770            2
    Total                                         9,563            9,435          1         28,651         28,934           (1)

Preprint Pieces
                                                453,766        423,812                   1,379,863      1,298,489
    L.A. Times                                                                    7                                          6
                                                727,395        636,926                   2,205,149      1,944,145
    Chicago Tribune                                                              14                                         13
                                                670,612        628,951                   1,994,581      1,956,250
    Newsday                                                                       7                                          2
                                                860,946        776,025                   2,614,486      2,425,396
    Other Daily Newspapers (B)                                                   11                                          8
                                              2,712,719      2,465,714
    Total                                                                        10      8,194,079      7,624,280            7

(A) Volume for 2001 has been modified to conform with the 2002 presentation. Volume is based on preliminary internal data,
    which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers.
(B) Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The
    Morning Call, Daily Press, The Advocate and Greenwich Time.

                                                              15
TRIBUNE COMPANY
                                                SUMMARY OF REVENUES (Unaudited)
                                                 For Period 9 Ended September 29, 2002
                                                             (In thousands)

                                                                  Period 9 (4 weeks)                         Year-to-Date (39 weeks)
                                                                                         %                                               %
                                                           2002             2001       Change           2002             2001          Change
Publishing
    Advertising
                                                       $    94,984     $     87,164                  $ 889,034        $ 872,095
         Retail                                                                             9                                                2
                                                                                                       503,588          499,762
         National                                           52,629           48,853         8                                                1
                                                                                                       750,150          824,109
         Classified                                         81,330           80,641         1                                               (9)

         Sub-Total                                         228,943          216,658         6         2,142,772        2,195,966            (2)
                                                            53,002           52,046                     501,450          494,707
     Circulation                                                                            2                                                1
                                                                                                        180,037          170,523
     Other                                                  20,783           19,446         7                                                6

     Segment Total (A) (B)                                 302,728          288,150         5         2,824,259        2,861,196            (1)

Broadcasting & Entertainment
    Television (C)                                         102,406           86,871        18           882,154          851,334             4
                                                            23,903           22,427                     190,616          179,799
    Radio/Entertainment                                                                     7                                                6

     Segment Total (D)                                     126,309          109,298        16         1,072,770        1,031,133             4

                                                                                                          57,656          43,180
                                                             6,508            5,311        23                                               34
Interactive

                                                       $ 435,545       $ 402,759            8        $3,954,685       $3,935,509              -
Consolidated Revenues (E)


(A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues.
(B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001 andChicago magazine, acquired in July 2002.
    Excluding these acquisitions, publishing revenues increased 5% for the period and decreased 2% for the year-to-date. Excluding these
    acquisitions, retail revenues increased 8% for the period and 2% for the year-to-date. Excluding these acquisitions, total advertising revenues
    increased 5% for the period and decreased 3% for the year-to-date.
(C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford,
    acquired in August 2001 and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 16%
    for the period and 2% for the year-to-date. Period 9 includes copyright royalties of $0.3 million in 2002 and $10.8 million in 2001.
    Year-to-date includes copyright royalties of $3.1 million in 2002 and $28.9 million in 2001. Excluding acquisitions and copyright
    royalties, television revenues increased 32% for the period and 5% for the year-to-date.
(D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 26% for the period and 5% for the
    year-to-date.
(E) Excluding acquisitions and copyright royalties, consolidated revenues increased 10% for the period and were flat for the year-to-date.

                                                                       16
TRIBUNE COMPANY
                           SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
                                       For Period 9 Ended September 29, 2002
                                                   (In thousands)

                                                       Period 9 (4 weeks)                       Year-to-Date (39 weeks)
                                                                              %                                         %
                                                2002           2001         Change          2002          2001        Change
Full Run
                                                    186              196                     1,850          1,970
     L.A. Times                                                                  (5)                                        (6)
                                                    185              162                     1,589          1,616
     Chicago Tribune                                                             14                                         (2)
                                                    129              126                     1,192          1,260
     Newsday                                                                      2                                         (5)
                                                  1,064            1,037                     9,958         10,318
     Other Daily Newspapers (B)                                                   3                                         (3)
                                                  1,564            1,521                    14,589         15,164
     Total                                                                        3                                         (4)

Part Run
                                                    455              430                     4,202          3,790
    L.A. Times                                                                    6                                         11
                                                    490              465                     4,060          4,208
    Chicago Tribune                                                               5                                         (4)
                                                    131              119                     1,252          1,220
    Newsday                                                                      10                                          3
                                                    458              442                     4,548          4,552
    Other Daily Newspapers (B)                                                    4                                          -
                                                  1,534            1,456                    14,062         13,770
    Total                                                                         5                                          2

Total Advertising Inches
    Full Run
                                                    470              462                     4,409          4,663
         Retail                                                                   2                                         (5)
                                                    261              240                     2,434          2,473
         National                                                                 9                                         (2)
                                                    833              819                     7,746          8,028
         Classified                                                               2                                         (4)
                                                  1,564            1,521                    14,589         15,164
         Sub-Total                                                                3                                         (4)
    Part Run                                      1,534            1,456          5         14,062         13,770            2
    Total                                         3,098            2,977          4         28,651         28,934           (1)

Preprint Pieces
                                                132,811       123,065                    1,379,863      1,298,489
    L.A. Times                                                                    8                                          6
                                                232,175       195,769                    2,205,149      1,944,145
    Chicago Tribune                                                              19                                         13
                                                202,462       193,936                    1,994,581      1,956,250
    Newsday                                                                       4                                          2
                                                277,837       240,898                    2,614,486      2,425,396
    Other Daily Newspapers (B)                                                   15                                          8
                                                845,285       753,668
    Total                                                                        12      8,194,079      7,624,280            7

(A) Volume for 2001 has been modified to conform with the 2002 presentation. Volume is based on preliminary internal data,
    which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers.
(B) Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The
    Morning Call, Daily Press, The Advocate and Greenwich Time.

                                                              17

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TRIBUNE THIRD QUARTER RESULTS

  • 1. TRIBUNE COMPANY THIRD QUARTER RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) THIRD QUARTER (A) 2002 vs. 2001 2001 Adjusted 2002 Adjusted (B) Actual % Change OPERATING REVENUES $ 1,340,494 $ 1,275,498 $ 1,275,498 5 OPERATING PROFIT BEFORE RESTRUCTURING CHARGES $ 322,190 $ 207,171 $ 148,723 56 Restructuring Charges (C) - (130,656) (130,656) (100) OPERATING PROFIT 322,190 76,515 18,067 NM Net Loss on Equity Investments (27,595) (9,815) (12,555) NM Interest Expense, net (50,112) (60,813) (60,813) (18) Income (Loss) Before Taxes and Non-Operating Items 244,483 5,887 (55,301) NM Income Taxes Related to Operations (89,340) (2,844) 4,472 NM Income (Loss) Before Non-Operating Items 155,143 3,043 (50,829) NM Non-Operating Items: Gain (Loss) on Derivatives and Related Investments (D) 21,667 (91,250) (91,250) NM Gain on Sales of Subsidiaries and Investments (E) 103,314 1,533 1,533 NM Investment Write-Downs (2,334) (54,730) (54,730) (96) Other Non-Operating Gain 5,881 - - NM Total Non-Operating Items 128,528 (144,447) (144,447) NM Income Taxes Related to Non-Operating Items (46,866) 56,349 56,349 NM NET INCOME (LOSS) 236,805 (85,055) (138,927) NM Preferred Dividends, net of tax (6,578) (6,701) (6,701) (2) Net Income (Loss) Attributable to Common Shares $ 230,227 $ (91,756) $ (145,628) NM EARNINGS (LOSS) PER SHARE Basic: Before restructuring charges and non-operating items $ .49 $ .26 $ .07 88 Including restructuring charges and non-operating items $ .76 $ (.31) $ (.49) NM Diluted: Before restructuring charges and non-operating items (F) $ .46 $ .24 $ .07 92 Including restructuring charges and non-operating items (G) $ .71 $ (.31) $ (.49) NM DIVIDENDS PER COMMON SHARE $ .11 $ .11 $ .11 - Weighted Average Common Shares Outstanding (H) 302,343 297,527 297,527 2 Page 6
  • 2. (A) 2002 quarter: July 1, 2002 to Sept. 29, 2002. (13 weeks) 2001 quarter: July 2, 2001 to Sept. 30, 2001. (13 weeks) (B) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. As a result, third quarter 2001 amortization was reduced from $61.0 million to an adjusted $2.6 million. In addition, third quarter 2001 equity losses decreased from $12.6 million to an adjusted $9.8 million due to the adoption of this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is non-deductible, third quarter 2001 income tax expense decreased from a $60.8 million benefit to an adjusted $53.5 million benefit. In total, third quarter 2001 diluted EPS, before restructuring charges and non-operating items, increased from $.07 to an adjusted $.24. (C) In the third quarter of 2001, the Company recorded pretax restructuring charges of $130.7 million ($79.7 million after-tax) primarily for various cost reduction initiatives, which reduced adjusted diluted earnings per share by $.25. (D) Gain (loss) on derivatives and related investments relates primarily to the net change in fair values of the Company's PHONES derivatives and related AOL Time Warner shares. (E) In the third quarter of 2002, gain on sales of subsidiaries and investments of $103.3 million ($63.2 million after-tax) relates primarily to the divestiture of two Denver radio stations, KOSI-FM and KEZW-AM, which were exchanged for the assets of two television stations, WTTV, Indianapolis, and its satellite station WTTK, Kokomo, Indiana, from Sinclair Broadcast Group. (F) For 2002 and adjusted 2001, diluted EPS before restructuring charges and non-operating items was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. Also, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. For actual 2001, the Company's stock options and convertible securities were not included in the calculation of diluted EPS because their effects were antidilutive. The Company has certain other convertible securities which were not included in the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the third quarter: Third Quarter 2001 2002 Adjusted Actual Income (loss) before non-operating items $ 155,143 $ 3,043 $ (50,829) Add back restructuring charges, net of tax - 79,687 79,687 Additional ESOP contribution required assuming Series B preferred shares were converted, net of tax (2,165) (2,574) - Dividends for Series B, C, D-1 and D-2 preferred stock (2,112) (2,014) (6,701) LYONs interest expense, net of tax 1,541 1,537 - Adjusted income before restructuring charges and non-operating items $ 152,407 $ 79,679 $ 22,157 Weighted average common shares outstanding 302,343 297,527 297,527 Assumed conversion of Series B preferred shares into common 16,945 18,267 - Assumed exercise of stock options, net of common shares assumed repurchased 5,136 5,423 - Assumed conversion of LYONs debt securities 7,014 7,272 - Adjusted weighted average common shares outstanding 331,438 328,489 297,527 Diluted earnings per share before restructuring charges and non-operating items $ .46 $ .24 $ .07 Page 7
  • 3. (G) Following is a reconciliation of income before restructuring charges and non-operating items to net income: Third Quarter 2002 Diluted Net Income EPS Income before non-operating items $ 155,143 $ .46 Non-operating items, net of tax 81,662 .25 Net income $ 236,805 $ .71 Third Quarter 2001 Adjusted Adjusted Actual Actual Net Income (Loss) Diluted EPS Net Income (Loss) Diluted EPS Income before restructuring charges and non-operating items $ 82,730 $ .24 $ 28,858 $ .07 Restructuring charges, net of tax (79,687) (.25) (79,687) (.26) Non-operating items, net of tax (88,098) (.30) (88,098) (.30) Net loss $ (85,055) $ (.31) $ (138,927) $ (.49) (H) The number of common shares outstanding, in thousands, at Sept. 29, 2002 was 303,087. Page 8
  • 4. TRIBUNE COMPANY THREE QUARTERS RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) THREE QUARTERS (A) 2002 vs. 2001 2001 Adjusted 2002 Adjusted (B) Actual % Change OPERATING REVENUES $ 3,954,685 $ 3,935,509 $ 3,935,509 - OPERATING PROFIT BEFORE RESTRUCTURING CHARGES $ 916,966 $ 763,547 $ 590,128 20 Restructuring Charges (C) (27,253) (145,000) (145,000) (81) OPERATING PROFIT 889,713 618,547 445,128 44 Net Loss on Equity Investments (51,903) (40,182) (48,417) 29 Interest Expense, net (154,814) (186,952) (186,952) (17) Income Before Taxes and Non-Operating Items 682,996 391,413 209,759 74 Income Taxes Related to Operations (260,415) (154,835) (121,950) 68 Income Before Non-Operating Items and Cumulative Effect of Change in Accounting Principle 422,581 236,578 87,809 79 Non-Operating Items: Loss on Derivatives and Related Investments (D) (122,801) (49,487) (49,487) NM Gain on Sales of Subsidiaries and Investments (E) 109,547 1,975 1,975 NM Investment Write-Downs (9,869) (89,318) (89,318) (89) Other Non-Operating Gain 5,881 - - NM Total Non-Operating Items (17,242) (136,830) (136,830) (87) Income Taxes Related to Non-Operating Items 9,693 53,377 53,377 (82) Income Before Cumulative Effect of Change in Accounting Principle 415,032 153,125 4,356 NM Cumulative Effect of Change in Accounting Principle, net of tax (F) (165,587) - - NM NET INCOME 249,445 153,125 4,356 63 Preferred Dividends, net of tax (19,699) (20,100) (20,100) (2) Net Income (Loss) Attributable to Common Shares $ 229,746 $ 133,025 $ (15,744) 73 EARNINGS (LOSS) PER SHARE Basic: Before restructuring charges and non-operating items $ 1.39 $ 1.02 $ .52 36 Including restructuring charges and non-operating items $ 1.31 $ .45 $ (.05) NM Cumulative effect of change in accounting principle, net (.55) - - NM Total $ .76 $ .45 $ (.05) 69 Diluted: Before restructuring charges and non-operating items (G) $ 1.30 $ .96 $ .50 35 Including restructuring charges and non-operating items $ 1.23 $ .43 $ (.05) NM Cumulative effect of change in accounting principle, net (.50) - - NM Total (H) $ .73 $ .43 $ (.05) 70 DIVIDENDS PER COMMON SHARE $ .33 $ .33 $ .33 - Weighted Average Common Shares Outstanding (I) 300,915 298,472 298,472 1 Page 9
  • 5. (A) 2002 first three quarters: Dec. 31, 2001 to Sept. 29, 2002. (39 weeks) 2001 first three quarters: Jan. 1, 2001 to Sept. 30, 2001. (39 weeks) (B) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. As a result, the first three quarters 2001 amortization was reduced from $180.4 million to an adjusted $7.0 million. In addition, three quarters 2001 equity losses decreased from $48.4 million to an adjusted $40.2 million due to the adoption of this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is non-deductible, three quarters 2001 income tax expense increased from $68.6 million to an adjusted $101.5 million. In total, three quarters 2001 diluted EPS, before non-operating items and restructuring charges, increased from $.50 to an adjusted $.96. (C) In the first quarter of 2002, the Company recorded pretax restructuring charges of $27.3 million ($16.7 million after-tax) primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05. In the first three quarters of 2001, the Company recorded pretax restructuring charges of $145.0 million ($88.4 million after-tax), which reduced adjusted diluted earnings per share by $.27. (D) Loss on derivatives and related investments relates primarily to the net change in fair values of the Company's PHONES derivatives and related AOL Time Warner shares. (E) In the first three quarters of 2002, gain on sales of subsidiaries and investments of $109.5 million ($67.0 million after-tax) relates primarily to the divestiture of two Denver radio stations, KOSI-FM and KEZW-AM, which were exchanged for the assets of two television stations, WTTV, Indianapolis, and its satellite station WTTK, Kokomo, Indiana, from Sinclair Broadcast Group. (F) As a result of initially applying the new impairment provisions of FAS 142, the Company recorded a pretax charge of $271 million ($166 million after-tax) in the first quarter of 2002, which decreased diluted EPS by $.50. This cumulative effect relates to certain of the Company's newspaper mastheads, a FCC license and a television network affiliation agreement. (G) For 2002 and adjusted 2001, diluted EPS before restructuring charges, non-operating items and the cumulative effect of change in accounting principle was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. Also, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. For actual 2001, the conversion of the LYONs debt securities was not assumed because their effect was antidilutive. The Company has certain other convertible securities which were not included in the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the first three quarters: Three Quarters 2001 2002 Adjusted Actual Income before non-operating items and the cumulative effect of change in accounting principle $ 422,581 $ 236,578 $ 87,809 Add back restructuring charges, net of tax 16,679 88,436 88,436 Additional ESOP contribution required assuming Series B preferred shares were converted, net of tax (7,123) (7,803) (7,803) Dividends for Series C, D-1 and D-2 preferred stock (6,142) (6,042) (6,042) LYONs interest expense, net of tax 4,666 4,577 - Adjusted income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 430,661 $ 315,746 $ 162,400 Weighted average common shares outstanding 300,915 298,472 298,472 Assumed conversion of Series B preferred shares into common 16,945 18,267 18,267 Assumed exercise of stock options, net of common shares assumed repurchased 6,083 6,224 6,224 Assumed conversion of LYONs debt securities 7,122 7,272 - Adjusted weighted average common shares outstanding 331,065 330,235 322,963 Diluted earnings per share before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 1.30 $ .96 $ .50 Page 10
  • 6. (H) Following is a reconciliation of income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle to net income: Three Quarters 2002 Diluted Net Income EPS Income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 439,260 $ 1.30 Restructuring charges, net of tax (16,679) (.05) Non-operating items, net of tax (7,549) (.02) Cumulative effect of change in accounting principle, net of tax (165,587) (.50) Net income $ 249,445 $ .73 Three Quarters 2001 Adjusted Adjusted Actual Actual Net Income Diluted EPS Net Income Diluted EPS Income before restructuring charges and non-operating items $ 325,014 $ .96 $ 176,245 $ .50 Restructuring charges, net of tax (88,436) (.27) (88,436) (.28) Non-operating items, net of tax (83,453) (.26) (83,453) (.27) Net income $ 153,125 $ .43 $ 4,356 $ (.05) (I) The number of common shares outstanding, in thousands, at Sept. 29, 2002 was 303,087. Page 11
  • 7. TRIBUNE COMPANY BUSINESS SEGMENT DATA (Unaudited) (In thousands) THIRD QUARTER 2002 vs. 2001 Adjusted 2001 2002 Adjusted (A) Actual % Change PUBLISHING Operating Revenues $ 927,006 $ 906,500 $ 906,500 2 Cash Operating Expenses (B) (689,410) (740,180) (740,180) (7) EBITDA before Restructuring Charges (C) 237,596 166,320 166,320 43 Operating Profit before Restructuring Charges 195,547 127,501 89,483 53 Restructuring Charges - (122,500) (122,500) NM Total Operating Profit (Loss) $ 195,547 $ 5,001 $ (33,017) NM BROADCASTING AND ENTERTAINMENT Operating Revenues Television $ 309,953 $ 273,943 $ 273,943 13 Radio/Entertainment 83,551 79,943 79,943 5 Total Operating Revenues 393,504 353,886 353,886 11 Cash Operating Expenses (B) Television (177,975) (177,346) (177,346) - Radio/Entertainment (67,632) (69,940) (69,940) (3) Total Cash Operating Expenses (245,607) (247,286) (247,286) (1) EBITDA before Restructuring Charges (C) Television 131,978 96,597 96,597 37 Radio/Entertainment 15,919 10,003 10,003 59 Total EBITDA before Restructuring Charges 147,897 106,600 106,600 39 Operating Profit Television 122,112 86,004 67,433 42 Radio/Entertainment 14,388 8,785 8,682 64 Total before Restructuring Charges 136,500 94,789 76,115 44 Restructuring Charges - (4,190) (4,190) NM Total Operating Profit $ 136,500 $ 90,599 $ 71,925 51 INTERACTIVE Operating Revenues $ 19,984 $ 15,112 $ 15,112 32 Cash Operating Expenses (B) (15,064) (19,234) (19,234) (22) EBITDA before Restructuring Charges (C) 4,920 (4,122) (4,122) NM Operating Profit (Loss) before Restructuring Charges 3,516 (5,391) (7,147) NM Restructuring Charges - (2,551) (2,551) NM Total Operating Profit (Loss) $ 3,516 $ (7,942) $ (9,698) NM CORPORATE EXPENSES EBITDA before Restructuring Charges (C) $ (12,707) $ (9,168) $ (9,168) 39 Operating Loss before Restructuring Charges (13,373) (9,728) (9,728) 37 Restructuring Charges - (1,415) (1,415) NM Total Operating Loss $ (13,373) $ (11,143) $ (11,143) 20 CONSOLIDATED Operating Revenues $ 1,340,494 $ 1,275,498 $ 1,275,498 5 Cash Operating Expenses (B) (962,788) (1,015,868) (1,015,868) (5) EBITDA before Restructuring Charges (C) 377,706 259,630 259,630 45 Operating Profit before Restructuring Charges 322,190 207,171 148,723 56 Restructuring Charges - (130,656) (130,656) NM Total Operating Profit $ 322,190 $ 76,515 $ 18,067 NM (A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. (B) Cash operating expenses exclude restructuring charges. (C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity results and non-operating items. Page 12
  • 8. TRIBUNE COMPANY BUSINESS SEGMENT DATA (Unaudited) (In thousands) THREE QUARTERS 2002 vs. 2001 Adjusted 2001 2002 Adjusted (A) Actual % Change PUBLISHING Operating Revenues $ 2,824,259 $ 2,861,196 $ 2,861,196 (1) Cash Operating Expenses (B) (2,092,546) (2,233,424) (2,233,424) (6) EBITDA before Restructuring Charges (C) 731,713 627,772 627,772 17 Operating Profit before Restructuring Charges 606,433 509,408 396,595 19 Restructuring Charges (24,760) (135,944) (135,944) (82) Total Operating Profit $ 581,673 $ 373,464 $ 260,651 56 BROADCASTING AND ENTERTAINMENT Operating Revenues Television $ 882,154 $ 851,334 $ 851,334 4 Radio/Entertainment 190,616 179,799 179,799 6 Total Operating Revenues 1,072,770 1,031,133 1,031,133 4 Cash Operating Expenses (B) Television (530,628) (524,399) (524,399) 1 Radio/Entertainment (168,891) (165,304) (165,304) 2 Total Cash Operating Expenses (699,519) (689,703) (689,703) 1 EBITDA before Restructuring Charges (C) Television 351,526 326,935 326,935 8 Radio/Entertainment 21,725 14,495 14,495 50 Total EBITDA before Restructuring Charges 373,251 341,430 341,430 9 Operating Profit Television 321,917 296,431 241,412 9 Radio/Entertainment 17,107 10,930 10,617 57 Total before Restructuring Charges 339,024 307,361 252,029 10 Restructuring Charges (1,087) (4,357) (4,357) (75) Total Operating Profit $ 337,937 $ 303,004 $ 247,672 12 INTERACTIVE Operating Revenues $ 57,656 $ 43,180 $ 43,180 34 Cash Operating Expenses (B) (48,719) (59,435) (59,435) (18) EBITDA before Restructuring Charges (C) 8,937 (16,255) (16,255) NM Operating Profit (Loss) before Restructuring Charges 4,702 (20,310) (25,584) NM Restructuring Charges (163) (2,917) (2,917) (94) Total Operating Profit (Loss) $ 4,539 $ (23,227) $ (28,501) NM CORPORATE EXPENSES EBITDA before Restructuring Charges (C) $ (31,327) $ (30,764) $ (30,764) 2 Operating Loss before Restructuring Charges (33,193) (32,912) (32,912) 1 Restructuring Charges (1,243) (1,782) (1,782) (30) Total Operating Loss $ (34,436) $ (34,694) $ (34,694) (1) CONSOLIDATED Operating Revenues $ 3,954,685 $ 3,935,509 $ 3,935,509 - Cash Operating Expenses (B) (2,872,111) (3,013,326) (3,013,326) (5) EBITDA before Restructuring Charges (C) 1,082,574 922,183 922,183 17 Operating Profit before Restructuring Charges 916,966 763,547 590,128 20 Restructuring Charges (27,253) (145,000) (145,000) (81) Total Operating Profit $ 889,713 $ 618,547 $ 445,128 44 (A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. (B) Cash operating expenses exclude restructuring charges. (C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity results and non-operating items. Page 13
  • 9. TRIBUNE COMPANY SUMMARY OF REVENUES (Unaudited) For Third Quarter Ended September 29, 2002 (In thousands) Third Quarter (13 weeks) Year-to-Date (39 weeks) % % 2002 2001 Change 2002 2001 Change Publishing Advertising $ 293,654 $ 275,443 $ 889,034 $ 872,095 Retail 7 2 503,588 499,762 National 157,988 149,955 5 1 750,150 824,109 Classified 248,808 256,759 (3) (9) Sub-Total 700,450 682,157 3 2,142,772 2,195,966 (2) 501,450 494,707 Circulation 165,906 164,424 1 1 180,037 170,523 Other 60,650 59,919 1 6 Segment Total (A) (B) 927,006 906,500 2 2,824,259 2,861,196 (1) Broadcasting & Entertainment Television (C) 309,953 273,943 13 882,154 851,334 4 190,616 179,799 Radio/Entertainment 83,551 79,943 5 6 Segment Total (D) 393,504 353,886 11 1,072,770 1,031,133 4 57,656 43,180 19,984 15,112 32 34 Interactive $1,340,494 $ 1,275,498 5 $3,954,685 $3,935,509 - Consolidated Revenues (E) (A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues. (B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001 andChicago magazine, acquired in July 2002. Excluding these acquisitions, publishing revenues increased 2% for the quarter and decreased 2% for the year-to-date. Excluding these acquisitions, retail revenues increased 6% for the quarter and 2% for the year-to-date. Excluding these acquisitions, total advertising revenues increased 2% for the quarter and decreased 3% for the year-to-date. (C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford, acquired in August 2001 and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 12% for the quarter and 2% for the year-to-date. Third quarter includes copyright royalties of $1.1 million in 2002 and $10.8 million in 2001. Year-to-date includes copyright royalties of $3.1 million in 2002 and $28.9 million in 2001. Excluding acquisitions and copyright royalties, television revenues increased 16% for the quarter and 5% for the year-to-date. (D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 13% for the quarter and 5% for the year-to-date. (E) Excluding acquisitions and copyright royalties, consolidated revenues increased 5% for the quarter and were flat for the year-to-date. 14
  • 10. TRIBUNE COMPANY SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A) For Third Quarter Ended September 29, 2002 (In thousands) Third Quarter (13 weeks) Year-to-Date (39 weeks) % % 2002 2001 Change 2002 2001 Change Full Run 595 621 1,850 1,970 L.A. Times (4) (6) 542 515 1,589 1,616 Chicago Tribune 5 (2) 394 412 1,192 1,260 Newsday (4) (5) 3,293 3,345 9,958 10,318 Other Daily Newspapers (B) (2) (3) 4,824 4,893 14,589 15,164 Total (1) (4) Part Run 1,461 1,320 4,202 3,790 L.A. Times 11 11 1,432 1,404 4,060 4,208 Chicago Tribune 2 (4) 404 386 1,252 1,220 Newsday 5 3 1,442 1,432 4,548 4,552 Other Daily Newspapers (B) 1 - 4,739 4,542 14,062 13,770 Total 4 2 Total Advertising Inches Full Run 1,436 1,468 4,409 4,663 Retail (2) (5) 774 768 2,434 2,473 National 1 (2) 2,614 2,657 7,746 8,028 Classified (2) (4) 4,824 4,893 14,589 15,164 Sub-Total (1) (4) Part Run 4,739 4,542 4 14,062 13,770 2 Total 9,563 9,435 1 28,651 28,934 (1) Preprint Pieces 453,766 423,812 1,379,863 1,298,489 L.A. Times 7 6 727,395 636,926 2,205,149 1,944,145 Chicago Tribune 14 13 670,612 628,951 1,994,581 1,956,250 Newsday 7 2 860,946 776,025 2,614,486 2,425,396 Other Daily Newspapers (B) 11 8 2,712,719 2,465,714 Total 10 8,194,079 7,624,280 7 (A) Volume for 2001 has been modified to conform with the 2002 presentation. Volume is based on preliminary internal data, which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers. (B) Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call, Daily Press, The Advocate and Greenwich Time. 15
  • 11. TRIBUNE COMPANY SUMMARY OF REVENUES (Unaudited) For Period 9 Ended September 29, 2002 (In thousands) Period 9 (4 weeks) Year-to-Date (39 weeks) % % 2002 2001 Change 2002 2001 Change Publishing Advertising $ 94,984 $ 87,164 $ 889,034 $ 872,095 Retail 9 2 503,588 499,762 National 52,629 48,853 8 1 750,150 824,109 Classified 81,330 80,641 1 (9) Sub-Total 228,943 216,658 6 2,142,772 2,195,966 (2) 53,002 52,046 501,450 494,707 Circulation 2 1 180,037 170,523 Other 20,783 19,446 7 6 Segment Total (A) (B) 302,728 288,150 5 2,824,259 2,861,196 (1) Broadcasting & Entertainment Television (C) 102,406 86,871 18 882,154 851,334 4 23,903 22,427 190,616 179,799 Radio/Entertainment 7 6 Segment Total (D) 126,309 109,298 16 1,072,770 1,031,133 4 57,656 43,180 6,508 5,311 23 34 Interactive $ 435,545 $ 402,759 8 $3,954,685 $3,935,509 - Consolidated Revenues (E) (A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues. (B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001 andChicago magazine, acquired in July 2002. Excluding these acquisitions, publishing revenues increased 5% for the period and decreased 2% for the year-to-date. Excluding these acquisitions, retail revenues increased 8% for the period and 2% for the year-to-date. Excluding these acquisitions, total advertising revenues increased 5% for the period and decreased 3% for the year-to-date. (C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford, acquired in August 2001 and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 16% for the period and 2% for the year-to-date. Period 9 includes copyright royalties of $0.3 million in 2002 and $10.8 million in 2001. Year-to-date includes copyright royalties of $3.1 million in 2002 and $28.9 million in 2001. Excluding acquisitions and copyright royalties, television revenues increased 32% for the period and 5% for the year-to-date. (D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 26% for the period and 5% for the year-to-date. (E) Excluding acquisitions and copyright royalties, consolidated revenues increased 10% for the period and were flat for the year-to-date. 16
  • 12. TRIBUNE COMPANY SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A) For Period 9 Ended September 29, 2002 (In thousands) Period 9 (4 weeks) Year-to-Date (39 weeks) % % 2002 2001 Change 2002 2001 Change Full Run 186 196 1,850 1,970 L.A. Times (5) (6) 185 162 1,589 1,616 Chicago Tribune 14 (2) 129 126 1,192 1,260 Newsday 2 (5) 1,064 1,037 9,958 10,318 Other Daily Newspapers (B) 3 (3) 1,564 1,521 14,589 15,164 Total 3 (4) Part Run 455 430 4,202 3,790 L.A. Times 6 11 490 465 4,060 4,208 Chicago Tribune 5 (4) 131 119 1,252 1,220 Newsday 10 3 458 442 4,548 4,552 Other Daily Newspapers (B) 4 - 1,534 1,456 14,062 13,770 Total 5 2 Total Advertising Inches Full Run 470 462 4,409 4,663 Retail 2 (5) 261 240 2,434 2,473 National 9 (2) 833 819 7,746 8,028 Classified 2 (4) 1,564 1,521 14,589 15,164 Sub-Total 3 (4) Part Run 1,534 1,456 5 14,062 13,770 2 Total 3,098 2,977 4 28,651 28,934 (1) Preprint Pieces 132,811 123,065 1,379,863 1,298,489 L.A. Times 8 6 232,175 195,769 2,205,149 1,944,145 Chicago Tribune 19 13 202,462 193,936 1,994,581 1,956,250 Newsday 4 2 277,837 240,898 2,614,486 2,425,396 Other Daily Newspapers (B) 15 8 845,285 753,668 Total 12 8,194,079 7,624,280 7 (A) Volume for 2001 has been modified to conform with the 2002 presentation. Volume is based on preliminary internal data, which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers. (B) Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call, Daily Press, The Advocate and Greenwich Time. 17