Tribune Company (NYSE:TRB) today named Merrill Lynch and Citigroup as financial advisors to assist the company as it explores strategic alternatives to create additional shareholder value, and outlined management’s review process.

“In order to maximize shareholder value, our initial focus is determining the best strategic alternatives for the company and its publishing and broadcast groups as a whole, before evaluating strategic alternatives for individual business units,” said Dennis FitzSimons, Tribune chairman, president and chief executive officer. “Management will work closely with the independent special committee of the board of directors during this process. We also remain committed to reaching the goals of our previously announced performance improvement plan.”

The independent special committee today announced that it had retained the firm of Skadden, Arps, Slate, Meagher & Flom as legal counsel, and that it plans to retain its own financial advisor.

“Management and its financial advisors will present strategic alternatives to the independent special committee,” said William A. Osborn, Tribune’s lead independent director. “The committee will ultimately make a recommendation to the full board of directors.”

The board will make an announcement when the process has been concluded, which is expected before the end of the year.