1. TRIBUNE COMPANY
FIRST QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
FIRST QUARTER (A)
%
2005 2004 Change
OPERATING REVENUES $ 1,315,744 $ 1,332,317 (1.2)
OPERATING EXPENSES 1,063,687 1,059,042 0.4
OPERATING PROFIT (B) 252,057 273,275 (7.8)
Net Income (Loss) on Equity Investments 471 (4,373) NM
Interest Income 1,082 1,276 (15.2)
Interest Expense (35,091) (46,677) (24.8)
Non-Operating Items (C) (3,843) (26,579) NM
Income Before Income Taxes 214,676 196,922 9.0
Income Taxes (C) (71,829) (76,241) (5.8)
NET INCOME 142,847 120,681 18.4
Preferred Dividends (2,090) (2,077) 0.6
Net Income Attributable to Common Shares $ 140,757 $ 118,604 18.7
EARNINGS PER SHARE
Basic $ .44 $ .36 22.2
Diluted (D) $ .44 $ .35 25.7
DIVIDENDS PER COMMON SHARE $ .18 $ .12 50.0
Diluted Weighted Average Common Shares Outstanding (E) 320,366 336,094 (4.7)
6

2. (A) 2005 first quarter: Dec. 27, 2004 to March 27, 2005. (13 weeks)
2004 first quarter: Dec. 29, 2003 to March 28, 2004. (13 weeks)
(B) Operating profit excludes interest income and expense, equity income and losses, non-operating items and income taxes.
(C) The first quarter of 2005 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (2,252) $ (1,374) $ -
Gain on sales of investments 1,108 676 -
Loss on investment write-downs and other (2,699) (1,646) -
Income tax settlement adjustments (2) - 11,829 .03
Total non-operating items $ (3,843) $ 9,485 $ .03
The first quarter of 2004 included the following non-operating items:
Pretax After-tax
Gain (Loss) Gain (Loss) Diluted EPS
Loss on derivatives and related investments (1) $ (45,501) $ (27,755) $ (.09)
Gain on sales of investments (3) 21,518 13,126 .04
Loss on investment write-downs and other (2,596) (1,584) -
Total non-operating items $ (26,579) $ (16,213) $ (.05)
(1) Loss on derivatives and related investments represents the net change in fair values of the Company's PHONES
derivatives and related Time Warner shares.
(2) In the first quarter of 2005, the Company reduced its income tax expense and liabilities by a total of $12 million as
a result of favorably resolving certain federal income tax issues.
(3) In the first quarter of 2004, gain on sales of investments relates primarily to the sale of the Company's
50% interest in La Opinion .
(D) For the first quarters of 2005 and 2004, weighted average common shares outstanding used in the calculation of diluted
EPS were adjusted for the dilutive effect of stock options. The Company's Series C, D-1 and D-2 convertible preferred
shares were not included in the calculation of diluted EPS for the first quarter of either year because their effects were
antidilutive. Following are the calculations for the first quarter:
First Quarter
2005 2004
Net income $ 142,847 $ 120,681
Dividends for Series C, D-1 and D-2 preferred stock (2,090) (2,077)
Net income attributable to common shares $ 140,757 $ 118,604
Weighted average common shares outstanding 317,307 329,303
Assumed exercise of stock options, net of common
shares assumed repurchased 3,059 6,791
Adjusted weighted average common
shares outstanding 320,366 336,094
Diluted earnings per share $ .44 $ .35
(E) The number of common shares outstanding, in thousands, at March 27, 2005 was 317,515.
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3. TRIBUNE COMPANY
FIRST QUARTER BUSINESS SEGMENT DATA (Unaudited)
(In thousands)
FIRST QUARTER
%
2005 2004 Change
PUBLISHING
Operating Revenues $ 1,005,512 $ 1,003,583 0.2
Cash Operating Expenses (A) (762,327) (768,942) (0.9)
Operating Cash Flow (B) (C) 243,185 234,641 3.6
Depreciation and Amortization Expense (44,646) (45,093) (1.0)
Total Operating Profit (C) $ 198,539 $ 189,548 4.7
BROADCASTING AND ENTERTAINMENT
Operating Revenues
Television $ 290,089 $ 306,439 (5.3)
Radio/Entertainment 20,143 22,295 (9.7)
Total Operating Revenues 310,232 328,734 (5.6)
Cash Operating Expenses (A)
Television (190,970) (192,277) (0.7)
Radio/Entertainment (D) (39,450) (26,742) 47.5
Total Cash Operating Expenses (D) (230,420) (219,019) 5.2
Operating Cash Flow (B) (C)
Television 99,119 114,162 (13.2)
Radio/Entertainment (19,307) (4,447) NM
Total Operating Cash Flow 79,812 109,715 (27.3)
Depreciation and Amortization Expense
Television (11,678) (11,759) (0.7)
Radio/Entertainment (1,168) (1,337) (12.6)
Total Depreciation and Amortization Expense (12,846) (13,096) (1.9)
Operating Profit (Loss) (C)
Television 87,441 102,403 (14.6)
Radio/Entertainment (20,475) (5,784) NM
Total Operating Profit $ 66,966 $ 96,619 (30.7)
CORPORATE EXPENSES
Operating Cash Flow (B) (C) $ (13,047) $ (12,471) 4.6
Depreciation and Amortization Expense (401) (421) (4.8)
Total Operating Loss (C) $ (13,448) $ (12,892) 4.3
CONSOLIDATED
Operating Revenues $ 1,315,744 $ 1,332,317 (1.2)
Cash Operating Expenses (A) (1,005,794) (1,000,432) 0.5
Operating Cash Flow (B) (C) 309,950 331,885 (6.6)
Depreciation and Amortization Expense (57,893) (58,610) (1.2)
Total Operating Profit (C) $ 252,057 $ 273,275 (7.8)
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4. (A) The Company uses cash operating expenses to evaluate internal performance. The Company has presented cash operating expenses
because it is a common measure used by rating agencies, financial analysts and investors. Cash operating expenses are not a measure of
financial performance under generally accepted accounting principles (quot;GAAPquot;) and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.
Following is a reconciliation of operating expenses to cash operating expenses for the first quarter of 2005:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 806,973 $ 243,266 $ 13,448 $ 1,063,687
Less: depreciation and amortization expense 44,646 12,846 401 57,893
Cash operating expenses $ 762,327 $ 230,420 $ 13,047 $ 1,005,794
Following is a reconciliation of operating expenses to cash operating expenses for the first quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating expenses $ 814,035 $ 232,115 $ 12,892 $ 1,059,042
Less: depreciation and amortization expense 45,093 13,096 421 58,610
Cash operating expenses $ 768,942 $ 219,019 $ 12,471 $ 1,000,432
(B) Operating cash flow is defined as operating profit before depreciation and amortization. The Company uses operating cash flow
along with operating profit and other measures to evaluate the financial performance of the Company's business segments. The
Company has presented operating cash flow because it is a common alternative measure of financial performance used by rating
agencies, financial analysts and investors. These groups use operating cash flow along with other measures as a way to estimate the
value of a company. The Company's definition of operating cash flow may not be consistent with that of other companies.
Operating cash flow does not represent cash provided by operating activities as reflected in the Company's consolidated statements
of cash flows, is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
(C) Operating profit for each segment excludes interest income and expense, equity income and losses, non-operating items and
income taxes.
Following is a reconciliation of operating profit (loss) to operating cash flow for the first quarter of 2005:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 198,539 $ 66,966 $ (13,448) $ 252,057
Add back: depreciation and amortization expense 44,646 12,846 401 57,893
Operating cash flow $ 243,185 $ 79,812 $ (13,047) $ 309,950
Following is a reconciliation of operating profit (loss) to operating cash flow for the first quarter of 2004:
Broadcasting and
Publishing Entertainment Corporate Consolidated
Operating profit (loss) $ 189,548 $ 96,619 $ (12,892) $ 273,275
Add back: depreciation and amortization expense 45,093 13,096 421 58,610
Operating cash flow $ 234,641 $ 109,715 $ (12,471) $ 331,885
(D) Broadcasting and entertainment cash operating expenses for the first quarter of 2005 include $13.5 million related to the Chicago Cubs
trade of Sammy Sosa.
9

5. TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Period 3 and First Quarter Ended March 27, 2005
(In thousands)
Period 3 (4 weeks) First Quarter (13 weeks)
% %
2005 2004 Change 2005 2004 Change
Publishing
Advertising
$ 96,248 $ 97,793 $ 301,754 $ 294,868
Retail (1.6) 2.3
National 60,372 63,773 (5.3) 206,509 207,667 (0.6)
Classified 88,753 89,151 (0.4) 279,726 272,188 2.8
Sub-Total (A) 245,373 250,717 (2.1) 787,989 774,723 1.7
46,598 51,650
Circulation (9.8) 151,716 165,903 (8.6)
Other 21,210 20,637 2.8 65,807 62,957 4.5
Segment Total 313,181 323,004 (3.0) 1,005,512 1,003,583 0.2
Broadcasting & Entertainment
Television 95,503 102,247 (6.6) 290,089 306,439 (5.3)
10,056 10,349
Radio/Entertainment (2.8) 20,143 22,295 (9.7)
105,559 112,596 310,232 328,734
Segment Total (6.2) (5.6)
$ 418,740 $ 435,600 (3.9) $ 1,315,744 $ 1,332,317 (1.2)
Consolidated Revenues
(A) Publishing advertising revenues for 2004 have been reclassified to conform with the 2005 presentation. There was no effect on total revenues.
10

6. TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Period 3 and First Quarter Ended March 27, 2005
(In thousands)
Period 3 (4 weeks) First Quarter (13 weeks)
% %
2005 2004 Change 2005 2004 Change
Full Run
168 182 583 622
L.A. Times (7.7) (6.3)
151 172 503 527
Chicago Tribune (12.2) (4.6)
109 122 353 362
Newsday (10.7) (2.5)
1,044 1,160 3,289 3,519
Other Daily Newspapers (B) (10.0) (6.5)
1,472 1,636 4,728 5,030
Total (10.0) (6.0)
Part Run
411 449 1,310 1,441
L.A. Times (8.5) (9.1)
547 538 1,672 1,550
Chicago Tribune 1.7 7.9
154 144 460 427
Newsday 6.9 7.7
520 502 1,599 1,549
Other Daily Newspapers (B) 3.6 3.2
1,632 1,633 5,041 4,967
Total (0.1) 1.5
Total Advertising Inches
Full Run
446 465 1,405 1,399
Retail (4.1) 0.4
297 351 998 1,063
National (15.4) (6.1)
729 820 2,325 2,568
Classified (11.1) (9.5)
Sub-Total 1,472 1,636 (10.0) 4,728 5,030 (6.0)
Part Run 1,632 1,633 (0.1) 5,041 4,967 1.5
3,104 3,269 9,769 9,997
Total (5.0) (2.3)
Preprint Pieces
272,894 257,247 890,896 755,763
L.A. Times 6.1 17.9
351,294 280,092 1,069,207 902,555
Chicago Tribune 25.4 18.5
208,976 209,418 667,629 637,080
Newsday (0.2) 4.8
299,592 327,120 974,070 973,340
Other Daily Newspapers (B) (8.4) 0.1
Total 1,132,756 1,073,877 5.5 3,601,802 3,268,738 10.2
(A) Volume for 2004 has been modified to conform with the 2005 presentation. Volume is based on preliminary internal data,
which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers.
(B) Other daily newspapers includeThe Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant,
The Morning Call, Daily Press, The Advocate, Greenwich Time, Hoy, New York, Hoy, Chicago and Hoy, Los Angeles.
11