Tribune Company (NYSE:TRB) today issued the following statements in response to today’s SEC filing by the Chandler Trusts.
William A. Osborn, Tribune’s lead independent director, said: “Tribune’s Board of Directors evaluated a broad range of strategic alternatives at numerous meetings over a period of months. The actions suggested by the Chandler Trusts in today’s letter were considered by the board prior to its approval of the tender offer. After receiving recommendations from management and the board’s outside financial and legal advisors, all the directors except those representing the Chandler Trusts approved the tender offer as being in the best interest of all shareholders.”
Dennis FitzSimons, Chairman, President and CEO of Tribune Company said: “After extensive deliberations by the Board, which included a detailed review of the environment in which all media and newspaper companies are operating today, we recommitted to an aggressive performance improvement program. This includes continued expansion of our Internet portfolio, the sale of non-core assets, and additional cost saving initiatives. In a changing media environment, our commitment to quality journalism and service to our communities will continue to be a top priority. We believe Tribune Company has a great future and we are focused on creating long-term value for all of our shareholders, many of whom are employees.”