Tribune Company today announced the completion of its cash tender offers for any and all of its outstanding $148 million of 7.25% Debentures due 2013 and $250 million of 6.61% Debentures due 2027.

The offers commenced on March 18, 2004 and expired today, March 29, 2004 , at 5:00 p.m. , New York City time. Tribune has accepted for payment all Debentures validly tendered and not withdrawn pursuant to the offers. Assuming proper settlement of all transactions, Tribune has purchased $66 million of the 7.25% Debentures and $165 million of the 6.61% Debentures, representing approximately 45% and 66% of the aggregate outstanding principal amounts, respectively.

Tribune retained J.P. Morgan Securities Inc., Banc of America Securities LLC, Citigroup, Merrill Lynch & Co. and Deutsche Bank Securities to act as Dealer Managers in connection with the tender offers. Questions regarding the tender offers may be directed to J.P. Morgan Securities Inc. at 866/834-4666 (toll free) or Global Bondholder Services Corporation, the Information Agent, at 866/857-2200 (toll free).