Exhibit 99


TRIBUNE REPORTS 2004 FOURTH QUARTER AND FULL YEAR RESULTS


CHICAGO, January 28, 2005—Tribune Company (NYSE: TRB) today reported fourth quarter 2004 diluted earnings per share of $.67 compared with $1.00 in the fourth quarter of 2003. For the full year 2004, Tribune reported diluted earnings per share of $1.67 compared with $2.61 in 2003.

Fourth quarter results included the following:
  o   A charge of $.05 per diluted share in the 2004 quarter for the elimination of approximately 230 positions in publishing.
  o A net non-operating gain of $.06 per diluted share in the 2004 quarter, compared with a net non-operating gain of $.34 per diluted share in the 2003 quarter.
  o A charge of $.05 per diluted share in the 2004 quarter for the cumulative effect of a change in accounting principle related to intangible assets.

Full year results included the following:
  o   A charge of $.07 per diluted share in 2004 for the elimination of approximately 600 positions during 2004 in publishing.
  o   A charge of $.17 per diluted share in 2004 related to the anticipated settlement with advertisers regarding misstated circulation at Newsday and Hoy, New York, for the periods September 2001 through March 2004.
  o   A net non-operating loss of $.28 per diluted share in 2004, compared with a net non-operating gain of $.52 per diluted share in 2003.
  o   A charge of $.05 per diluted share in 2004 for the cumulative effect of a change in accounting principle related to intangible assets.

Tribune presents earnings per share amounts on a generally accepted accounting principles (“GAAP”) basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call.

“The year just ended was a challenging one for our company, and our financial results reflect the uneven advertising environment as well as the impact of circulation misstatements at Newsday and Hoy in New York,” said Dennis FitzSimons, Tribune chairman, president and chief executive officer. “We moved swiftly to address these issues, and we also repurchased over 15 million shares of common stock. Our actions have positioned Tribune for better results in 2005.”


1



FOURTH QUARTER 2004 RESULTS1

CONSOLIDATED

Tribune’s 2004 fourth quarter operating revenues increased 1 percent to $1.48 billion from $1.47 billion in the 2003 fourth quarter. Consolidated cash operating expenses increased $45 million, or 4 percent, in the fourth quarter of 2004; 2 percentage points, or $24 million, of the increase is attributable to the position eliminations charge in publishing discussed below. Operating cash flow was down 7 percent to $427 million compared with the fourth quarter of 2003. Tribune’s operating profit decreased 8 percent to $369 million, compared with $400 million in 2003.

PUBLISHING

Publishing’s fourth quarter operating revenues were $1.1 billion, up 1 percent from last year’s fourth quarter. Publishing cash operating expenses rose by 5 percent; 3 percentage points, or $24 million, of the increase is attributable to the charge discussed below. Publishing operating cash flow was $279 million, an 8 percent decrease from $304 million in the fourth quarter of 2003. Publishing operating profit decreased 10 percent to $234 million, from $260 million in 2003.

Publishing operating profit in the 2004 fourth quarter included a charge of $24 million for the elimination of approximately 230 positions. These position eliminations will result in compensation expense savings of approximately $16 million for the full year 2005.

      Management Discussion
  o   Retail advertising revenues rose 5 percent for the quarter. Increases in food and drug, furniture/home furnishing, auto supply, general merchandise and health care were partially offset by a decline in department stores. Preprint revenues increased 8 percent, led by a 17 percent increase in Los Angeles and a 9 percent increase in Chicago.
  o   National advertising was down 1 percent for the quarter with increases in the telecom, financial and package goods categories, offset by decreases in movies/entertainment and transportation.
  o   Classified advertising was up 5 percent for the quarter. Help wanted revenues were up 12 percent: Chicago rose 16 percent, Los Angeles was up 7 percent and New York declined 4 percent. Real estate revenues increased 14 percent for the quarter while auto revenues were down 5 percent.
  o   Circulation revenues were down 6 percent in the fourth quarter of 2004 primarily due to declines in Los Angeles and New York.
  o   Interactive revenues, which are included in the above categories, were $33 million, up 27 percent, due to strength in classified and banner/sponsorship advertising.


The following information was filed by Tribune Media Co (TRCO) on Friday, January 28, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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