726513--3/20/2008--TRIBUNE

related topics

{debt, indebtedness, cash}

{tax, income, asset}

{capital, credit, financial}

{financial, litigation, operation}

{acquisition, growth, future}

{operation, international, foreign}

{regulation, change, law}

{condition, economic, financial}

{cost, operation, labor}

{product, market, service}

{stock, price, operating}

{operation, natural, condition}

Risks Related to Our Capital Structure We currently have significant debt and other financial obligations as a result of the Leveraged ESOP Transactions. We may not be able to generate sufficient cash to service or make required repayments of our indebtedness and we may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful. Restrictive covenants under the Credit Agreement and the Interim Credit Agreement may adversely affect our operations and liquidity. We are a holding company and our ability to make payments on our indebtedness depends on our ability to receive dividends and other distributions from our subsidiaries. Variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly. If we fail to maintain our election to be treated as a subchapter S corporation under the Internal Revenue Code, we will remain subject to federal income tax and, in the future, may be required to obtain a significant investment in the Company. Risks Related to Our Business Advertising demand will continue to be impacted by changes in economic conditions and fragmentation of the media landscape. Circulation and audience share may continue to decline as consumers migrate to other media alternatives. Changes in the regulatory landscape could affect our business operations and asset mix. The availability and cost of quality network-provided and syndicated programming may impact television ratings. Events beyond our control may result in unexpected adverse operating results. Newsprint prices may continue to be volatile and difficult to predict and control. Changes in accounting standards can significantly impact reported earnings and operating results. Adverse results from litigation or governmental investigations can impact our business practices and operating results. We could be faced with additional tax liabilities. Labor strikes, lock-outs and protracted negotiations can lead to business interruptions and increased operating costs. Acquisitions, investments and divestitures pose inherent financial and other risks and challenges.

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726513--3/20/2008--TRIBUNE_CO