Lozano Enterprises Acquires Equity Investment in La Opinión From Tribune Company

Agreement Formally Dissolves Partnership

LOS ANGELES AND CHICAGO -- (January 15, 2004) The management of La Opinión, the nation's largest Spanish language daily newspaper, announced they acquired Tribune Company's equity investment in La Opinión. The transaction formally dissolves the companies' partnership. The partnership began between La Opinión and the Times Mirror Company in 1990. Tribune Company acquired the Times Mirror Company in June 2000.

The Lozano family, patriarchs of the newspaper, had retained UBS Investment Bank, a leading global securities and investment banking firm, as their advisor in seeking financing for a re-purchase of Tribune equity in La Opinión.

"The time is right for La Opinión to operate as an independent newspaper," said José Ignacio Lozano, Publisher and CEO of La Opinión. "We appreciate and respect our nearly 14-year partnership with the former Times Mirror Company and Tribune Company; and look forward to continuing our service to the Spanish-speaking communities of Southern California as we have for more than seven decades."
"We support the Lozano family's decision to operate as an independent newspaper," said Jack Fuller, Tribune Publishing president, "and we have worked together to help them achieve their goal."

La Opinión was established in Los Angeles in 1926. Through 77 years of serving its readers and advertisers, La Opinión has continued to grow and evolve into one of the most influential newspapers in the Hispanic community. From 1926 through 2003,
La Opinión's growth has mirrored the rise of the Hispanic population in Los Angeles and the state of California. It is now the largest Spanish language daily newspaper in the nation with over 427,800 daily readers throughout the Southern California area.
La Opinión also has a high brand presence within the Hispanic community with a 99% recognition level.

Tribune Publishing is the leading U.S. major-market newspaper group, with the third-largest total circulation. The company operates 13 leading daily newspapers: Los Angeles Times; Chicago Tribune; Newsday (Long Island, N.Y.); The Sun (Baltimore); South Florida Sun-Sentinel; Orlando Sentinel; Hartford Courant; The Morning Call (Allentown, Pa.); Daily Press (Newport News, Va.); The Advocate (Stamford, Conn.); Greenwich Time (Greenwich, Conn.); and Hoy, a Spanish-language newspaper published in New York and Chicago. Additional newspapers for Hispanic consumers, each published weekly, are El Sentinel in Orlando and El Sentinel in South Florida. Tribune Publishing includes Tribune Media Services, a leading provider of entertainment listings and content syndication to print and electronic media; Tribune Interactive, a top source of online news and information; and CLTV, the Chicago region's only 24-hour cable news channel. Investments include CareerBuilder (33% owned) and Classified Ventures (29%).