Agreement Includes Option to Buy The Stations

Under the agreement, Entercom Communications will manage the stations for up to three years, after which Entercom has the right to purchase the stations for $180 million. During the management contract, Tribune will seek to identify suitable television assets to be acquired in an exchange transaction.

"Current management has done an excellent job in making these three stations an integral part of the Denver market," said Dennis FitzSimons, Tribune Company president and chief operating officer. "But given the rapid consolidation of the Denver radio marketplace and the number of multi-station owners, we view this transaction as an opportunity to generate excellent value for our shareholders and to expand our television group in the future."

Joseph Field, Entercom's chairman and CEO commented: "We are pleased to announce this Denver acquisition that focuses so clearly on Entercom's strategic acquisition goals. It will provide us entry into an additional major growth market, enhance our geographic diversity and expand our national marketing reach into Mountain States economic region."

Entercom Communications is one of the nation's five largest radio broadcasters. Upon completion of this acquisition, it will own 100 radio stations in 19 markets including Boston, Seattle, Portland, Sacramento, Kansas City, Milwaukee, New Orleans, Memphis, Buffalo, Norfolk, Greensboro, Rochester, Greenville/Spartanburg, Wilkes-Barre/Scranton, Wichita, Madison, Gainesville/Ocala and Longview/Kelso, WA, in addition to Denver.

TRIBUNE (NYSE: TRB) is one of the country's premier media companies, operating businesses in broadcasting, publishing and on the Internet. It reaches more than 80 percent of U.S. households, and is the only media company with television stations, newspapers and Web sites in the nation's top three markets. Tribune media span 23 major-market television stations, including national superstation WGN-TV; 11 market-leading daily newspapers, including the Los Angeles Times, Chicago Tribune and Newsday; and news and information Web sites in 18 of the nation's top 30 markets.

Tribune Broadcasting owns and operates 23 major-market television stations, including national superstation WGN-TV, and reaches more than 80 percent of U.S. television households. The group's investment interests include The WB Television Network (25%) and TV Food Network (31%). Los Angeles-based Tribune Entertainment develops and distributes first-run television programming for the Tribune station group and for national syndication. Tribune Broadcasting also owns and operates Chicago's WGN-AM and the Chicago Cubs baseball team.

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