Tribune Company (NYSE: TRB) today announced an update to its strategic review process.

“This process has generated strong interest from a number of parties,” said Dennis FitzSimons, Tribune chairman, president and chief executive officer. “Advisors to both the company and the independent special committee of the board have recommended that the review process be extended to ensure thorough consideration of all proposals.”

William A. Osborn, Tribune’s lead director and chairman of the board’s independent special committee said, “We are committed to a complete review process that will yield maximum value for all Tribune shareholders. We anticipate a final recommendation to the full board during the first quarter of 2007.”

Separately, the company said that the FCC has approved the sales of WCWN-TV in Albany and WLVI-TV in Boston. Both transactions are expected to close in December and are part of a performance improvement plan announced earlier this year. To date, the company has sold or agreed to sell approximately $450 million of non-core assets.