Exhibit 99.1
TRIBUNE AGREES TO ACQUIRE KCPQ-TV, SEATTLE
IN THREE-WAY TRANSACTION
Xxxxxxxx Corporation to purchase KCPQ from Xxxxx
Broadcasting; Will exchange for Tribune's
WGNX-TV, Atlanta
CHICAGO, Mon., Aug. 24, 1998 -- Tribune Company (NYSE: TRB) has signed an
agreement with Xxxxxxxx Corporation (NYSE: MDP) to acquire the assets of KCPQ-TV
(FOX13), Seattle, in exchange for Tribune's WGNX-TV (CBS46), Atlanta. In the
three-way transaction, Meredith has agreed to purchase KCPQ from Xxxxx
Broadcasting Co. and will exchange the station for WGNX. The transaction,
pending FCC approval, is expected to close in the first quarter of 1999.
"With KCPQ, Tribune will acquire a well-run FOX affiliate with outstanding
broadcast facilities in the nation's No. 12 market," Xxxxxx XxxxXxxxxx, Tribune
Broadcasting president, said. "We have been affiliated with CBS in Atlanta for
the past four years, and we are proud of the job WGNX personnel have done. As
Tribune's only CBS affiliate, it makes more sense for the station to join an
excellent company like Xxxxxxxx, which owns several other CBS stations. KCPQ
will join Tribune's group of 11 WB and five FOX affiliates and we will explore
options for our existing station in Seattle in support of our commitment to The
WB."
Tribune (NYSE: TRB) is a leading media company with operations in television and
radio broadcasting, publishing, education and interactive ventures. It is an
industry leader in venture partnerships with new-media companies. Tribune ranked
No. 1 among its industry peers in Fortune magazine's 1998 list of America's
most-admired companies and No. 2 among Broadcasting and Publishing companies in
Business Week's 1998 industry rankings of the S&P 500.
Tribune Broadcasting owns and operates 18 major market television stations and
one national superstation, WGN. Total U.S. television household coverage is 75
percent, with the combined reach of the broadcast stations plus the cable and
satellite reach of the Superstation, and including WBDC-TV, Washington, D.C.,
which Tribune manages but does not own. Additionally, the company has an LMA in
Hartford. The company maintains an ownership interest in Qwest Broadcasting
stations in New Orleans and Atlanta and owns minority interests in The WB
Television Network and TV Food Network. Tribune also owns and operates four
radio stations, including three stations in Denver and WGN-AM in Chicago.
Tribune Entertainment, a subsidiary of Tribune Broadcasting, develops, produces
and syndicates first-run television programming. In addition, the company owns
the Chicago Cubs baseball team.
MEDIA CONTACT: INVESTOR CONTACT:
Xxxxx Xxxxxxxx Xxxxxxxxx Xxxxx
312/222-3456 (Office) 312/222-3787 (Office)
312/000-0000 (Fax) 312/000-0000 (Fax)
xxxxxxxxx@xxxxxxx.xxx xxxxxx@xxxxxxx.xxx
