August 21, 2007
Tribune Shareholders Approve Merger Agreement
CHICAGO, August 21, 2007 -- Tribune Company (NYSE:TRB) announced that Tribune shareholders have approved the merger agreement entered into in connection with the companys previously announced going-private transaction. At the companys special shareholders meeting today in Chicago, approximately 97 percent of the shares voted were cast in favor of the merger. The number of shares voted in favor of the merger represented approximately 65 percent of the total shares outstanding and entitled to vote at the meeting.
"We're pleased that Tribune shareholders recognize the value of this transaction and have voted overwhelmingly to approve it," said Dennis FitzSimons, Tribune chairman, president and chief executive officer.
"With financing fully committed, we anticipate closing the transaction in the fourth quarter, following FCC approval and satisfaction of the other closing conditions."
Sam Zell said, "I believe Tribune Company is reasserting itself as a national leader in news generation and distribution. Despite the recent upheaval in the credit markets, my view of the company as an investment has not changed."