Tribune Company (NYSE:TRB) said today that the independent special committee of its board of directors is continuing its strategic review following the submission of proposals from prospective investors.

“The committee is actively engaged in the review process,” said William A. Osborn, Tribune’s lead independent director and chairman of the special committee. “Assisted by our outside legal and financial advisors, we are carefully considering all alternatives for creating additional shareholder value. These alternatives include potential transactions involving third parties as well as actions the company may take alone.”

In September, the company announced the formation of the independent special committee to oversee management’s exploration of strategic alternatives for creating additional shareholder value. The committee will make a recommendation to the full board of directors. The board has said it expects to announce a decision during the first quarter of 2007.