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| Delaware(State      or other jurisdiction of   incorporation      or organization)    | 36-1880355(I.R.S.      Employer   Identification      No.) |
|------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|  435      North Michigan Avenue, Chicago, Illinois(Address      of principal executive offices) |  60611(Zip      code)                                                |

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| Item      No.                                 | Page   |
|-----------------------------------------------|--------|
| PART      I.  FINANCIAL INFORMATION |
|                                          |   |

| 1.   Financial      Statements (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed Consolidated      Statements of Operations for the Third Quartersand First Three Quarters Ended      Sept. 28, 2008 and Sept. 30, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 1      |
| Condensed Consolidated Balance      Sheets at Sept. 28, 2008 and Dec. 30, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2      |
| Condensed Consolidated      Statements of Cash Flows for the First Three Quarters EndedSept. 28, 2008 and Sept. 30,      2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 4      |
| Notes to Condensed Consolidated      Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Note      1:         Basis of      Preparation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5      |
| Note 2:     Discontinued      Operations and Assets and Liabilities Held for Disposition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 6      |
| Note 3:     Income      Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 10     |
| Note 4:     Stock-Based      Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 11     |
| Note 5:     Employee Stock      Ownership Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 12     |
| Note 6:     Pension and      Other Postretirement Benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 13     |
| Note 7:     Changes in      Operations and Non-Operating Items                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 14     |
| Note 8:          Inventories                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 16     |
| Note 9:     Goodwill and      Other Intangible Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 16     |
| Note 10:   Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 19     |
| Note 11:   Fair Value of Financial      Instruments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 26     |
| Note 12:     Comprehensive      Income (Loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 27     |
| Note 13:   Other    Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 28     |
| Note 14:   Segment      Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 31     |
| 2.    Management’s      Discussion and Analysis of Financial Condition and Results of      Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 32     |
| 3.    Quantitative      and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 56     |
| 4.    Controls and      Procedures                                                                                                                                                     | 59     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| PART      II.  OTHER INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 1.         Legal      Proceedings                                                                                                                             | 60     |
| 1A.      Risk      Factors                                                                                                                                                   | 62     |
| 6.         Exhibits                                                                                                                                           | 63     |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Third      Quarter Ended |      |   | First      Three Quarters |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-----------|--------|---------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Sept.      28, 2008      |      |   | Sept.      30, 2007       |   |   | Sept.      28, 2008 |   |   | Sept.      30, 2007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Revenues                                                                                | $                        | 1,036,946 |   |                      | $      | 1,158,553 |   |   | $ | 3,152,534 |   |   | $ | 3,422,787 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                         |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of sales (exclusive of items shown below)                                                                                                                                                                                                                                                                                                                                                                                                             |                     | 594,161   |   |                      |   | 592,804 |   |   |   | 1,742,692 |   |   |   | 1,744,988 |   |
| Selling,      general and administrative                                                                                                                                                                                                                                                                                                                                                                                                                   |                     | 353,220   |   |                      |   | 298,048 |   |   |   | 902,652 |   |   |   | 964,435 |   |
| Depreciation                                                                                           |                     | 47,857    |   |                      |   | 46,250 |   |   |   | 142,774 |   |   |   | 140,089 |   |
| Amortization      of intangible assets                                                                                                                                                                                                                                                                                                                                                                                                                          |                     | 4,645     |   |                      |   | 4,621 |   |   |   | 13,965 |   |   |   | 13,976 |   |
| Write-downs      of intangible assets (Note 9)                                                                                                                                                                                                                                                                                                                                                                                                                  |                     | —   |   |                      |   | — |   |   |   | 3,843,111 |   |   |   | — |   |
| Total      operating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                   |                     | 999,883   |   |                      |   | 941,723 |   |   |   | 6,645,194 |   |   |   | 2,863,488 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Profit      (Loss)                                                                      |                     | 37,063    |   |                      |   | 216,830 |   |   |   | (3,492,660 | ) |   |   | 559,299 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net      income on equity investments                                                                                                                                                                                                                                                                                                                                                                                                                      |                     | 23,201    |   |                      |   | 26,559 |   |   |   | 58,130 |   |   |   | 67,953 |   |
| Interest      and dividend income                                                                                                                                                                                                                                                                                                                                                                                                                     |                     | 2,610     |   |                      |   | 4,923 |   |   |   | 9,736 |   |   |   | 11,902 |   |
| Interest      expense                                                                                                                                                                                                                                                                                                                                                                                                                                      |                     | (231,803  | )      |                      |   | (175,003 | ) |   |   | (694,807 | ) |   |   | (370,661 | ) |
| Gain      (loss) on change in fair values of PHONES and related      investment                                                                                                                                                                                                                                                                                                                                                                                 |                     | (8,360    | )      |                      |   | (84,969 | ) |   |   | 97,960 |   |   |   | (182,144 | ) |
| Strategic      transaction expenses                                                                                                                                                                                                                                                                                                                                                                                               |                     | —   |   |                      |   | (3,160 | ) |   |   | — |   |   |   | (38,557 | ) |
| Gain      on sales of investments, net                                                                                                                                                                                                                                                                                                                                                                                                                     |                     | 78,675    |   |                      |   | — |   |   |   | 67,375 |   |   |   | 516 |   |
| Gain      on TMCT transactions                                                                                                                                                                                                                                                                                                                                                                                                                             |                     | —   |   |                      |   | 8,329 |   |   |   | — |   |   |   | 8,329 |   |
| Other      non-operating gain, net                                                                                                                                                                                                                                                                                                                                                                                                                         |                     | 372       |   |                      |   | 1,936 |   |   |   | 527 |   |   |   | 22,934 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Income      (Loss) from Continuing OperationsBefore      Income Taxes                                                                                                                                                                                                                                                                                                                                                                                           |                     | (98,242   | )      |                      |   | (4,555 | ) |   |   | (3,953,739 | ) |   |   | 79,571 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Income      taxes (Note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                      |                     | (25,919   | )      |                      |   | 88,106 |   |   |   | 1,836,833 |   |   |   | 44,914 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Income      (Loss) from Continuing Operations                                                                                                                                                                                                                                                                                                                                                                                                                   |                     | (124,161  | )      |                      |   | 83,551 |   |   |   | (2,116,906 | ) |   |   | 124,485 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from Discontinued      Operations,                                                                                                                                                                                                                                                                                                                                                                                                                |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| net      of tax (Note 2)                                                                                                                                                                                                                                                                                                                                                                                                                                        |                     | 2,585     |   |                      |   | 69,214 |   |   |   | (715,157 | ) |   |   | 41,261 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                     |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net      Income (Loss)                                                                                                                                                                                                                                                                                                                                                                                                                                | $                        | (121,576  | )      |                      | $      | 152,765 |   |   | $ | (2,832,063 | ) |   | $ | 165,746 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Sept.      28, 2008 |       |   | Dec.      30, 2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |       |   |               |   |   |   |
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |       |   |               |   |   |   |
| Current      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                |       |   |               |   |   |   |
| Cash and cash      equivalents                                                                                                        | $                   | 259,900    |   |               | $      | 233,284 |   |
| Accounts receivable,      net                                                                                                         |                | 591,922    |   |               |   | 732,853 |   |
| Inventories                                                                                                                           |                | 31,792     |   |               |   | 40,675 |   |
| Broadcast      rights                                                                                                                 |                | 256,696    |   |               |   | 287,045 |   |
| Prepaid expenses and      other                                                                                                       |                | 109,383    |   |               |   | 91,166 |   |
| Assets held for      disposition                                                                                                      |                | 59,797     |   |               |   | — |   |
| Total current      assets                                                                                                             |                | 1,309,490  |   |               |   | 1,385,023 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |       |   |               |   |   |   |
| Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                |       |   |               |   |   |   |
| Property, plant and      equipment                                                                                                    |                | 3,405,742  |   |               |   | 3,564,436 |   |
| Accumulated      depreciation                                                                                                         |                | (1,927,896 | )      |               |   | (1,998,741 | ) |
| Net      properties                                                                                                                   |                | 1,477,846  |   |               |   | 1,565,695 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |       |   |               |   |   |   |
| Other      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                |       |   |               |   |   |   |
| Broadcast      rights                                                                                                                 |                | 259,700    |   |               |   | 301,263 |   |
| Goodwill (Note      9)                                                                                                                |                | 1,742,295  |   |               |   | 5,579,926 |   |
| Other intangible      assets, net (Note      9)                                                                                       |                | 1,431,389  |   |               |   | 2,663,152 |   |
| Time Warner stock      related to PHONES      debt                                                                                    |                | 227,360    |   |               |   | 266,400 |   |
| Other      investments                                                                                                                |                | 398,365    |   |               |   | 508,205 |   |
| Prepaid pension      costs                                                                                                            |                | 410,251    |   |               |   | 514,429 |   |
| Assets held for      disposition                                                                                                      |                | 92,585     |   |               |   | 33,780 |   |
| Other                                                                                                                                 |                | 254,914    |   |               |   | 331,846 |   |
| Total other      assets                                                                                                               |                | 4,816,859  |   |               |   | 10,199,001 |   |
| Total      Assets                                                                                       | $                   | 7,604,195  |   |               | $      | 13,149,719 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                | Sept.      28, 2008 |       |   | Dec.      30, 2007 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Liabilities      and Shareholders’ Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                           |                |       |   |               |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Current      Liabilities                                                                                                                                                                                                                                                                                                                                                                                            |                |       |   |               |   |   |   |
|        PHONES debt related to Time Warner stock (Note 10)                                                                                                                                                                                                                                                                                                                                                      | $                   | 215,991    |   |               | $      | 253,080 |   |
| Other debt due within      one year                                                                                                                                                                                                                                                                                                                                                                            |                | 619,793    |   |               |   | 750,239 |   |
| Contracts payable for      broadcast rights                                                                                                                                                                                                                                                                                                                                                                         |                | 343,552    |   |               |   | 339,909 |   |
|     Deferred income      taxes                                                                                                                                                                                                                                                                                                                                                        |                | 7,598      |   |               |   | 100,324 |   |
| Deferred      income                                                                                                                                                                                                                                                                                                                                                                                           |                | 79,659     |   |               |   | 121,239 |   |
| Accounts payable,      accrued expenses and other current liabilities                                                                                                                                                                                                                                                                                                                                               |                | 605,935    |   |               |   | 625,175 |   |
| Liabilities held for      disposition                                                                                                                                                                                                                                                                                                                                                                |                | 92,995     |   |               |   | — |   |
| Total current      liabilities                                                                                                                                                                                                                                                                                                                                                                                      |                | 1,965,523  |   |               |   | 2,189,966 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Long-Term      Debt                                                                                                                                                                                                                                                                                                                                                                                                 |                |       |   |               |   |   |   |
| PHONES debt related      to Time Warner stock (Note 10)                                                                                                                                                                                                                                                                                                                                                             |                | 64,008     |   |               |   | 343,960 |   |
| Other long-term debt      (less portions due within one year)                                                                                                                                                                                                                                                                                                                                                       |                | 10,922,221 |   |               |   | 11,496,246 |   |
| Total long-term      debt                                                                                                                                                                                                                                                                                                                                                                                      |                | 10,986,229 |   |               |   | 11,840,206 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Other      Non-Current Liabilities                                                                                                                                                                                                                                                                                                                                                                                  |                |       |   |               |   |   |   |
| Deferred income      taxes                                                                                                                                                                                                                                                                                                                                                                                |                | 92,289     |   |               |   | 1,771,845 |   |
| Contracts payable for      broadcast rights                                                                                                                                                                                                                                                                                                                                                               |                | 357,067    |   |               |   | 432,393 |   |
| Deferred compensation      and benefits                                                                                                                                                                                                                                                                                                                                                                        |                | 241,359    |   |               |   | 264,480 |   |
| Liabilities held for      disposition                                                                                                                                                                                                                                                                                                                                                                |                | 5,858      |   |               |   | — |   |
| Other      obligations                                                                                                                                                                                                                                                                                                                                                                               |                | 221,592    |   |               |   | 164,769 |   |
| Total other      non-current liabilities                                                                                                                                                                                                                                                                                                                                                                       |                | 918,165    |   |               |   | 2,633,487 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Common      Shares Held by ESOP, net of Unearned    Compensation      (Note      5)                                                   |                | 31,860     |   |               |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |   |               |   |   |   |
| Shareholders’      Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                                           |                |       |   |               |   |   |   |
| Stock purchase      warrants                                                                                                                                                                                                                                                                                                                                                                              |                | 255,000    |   |               |   | 255,000 |   |
| Retained earnings      (deficit)                                                                                                                                                                                                                                                                                                                                                                               |                | (6,209,594 | )      |               |   | (3,474,311 | ) |
| Accumulated other      comprehensive income (loss)                                                                                                                                                                                                                                                                                                                                              |                | (342,988   | )      |               |   | (294,629 | ) |
| Total shareholders’      equity (deficit)                                                                                                                                                                                                                                                                                                                                                      |                | (6,297,582 | )      |               |   | (3,513,940 | ) |
| Total      Liabilities and Shareholders’ Equity (Deficit)                                                                                                                                                                                                                                                                                                                                                     | $                   | 7,604,195  |   |               | $      | 13,149,719 |   |

----

|                                                                                               | First      Three Quarters |       |
|----------------------------------------------------------------------------------------------------|---------------------------|------------|
|                                                                                               | Sept.      28, 2008       |       |   | Sept.      30, 2007 |   |
| Operating      Activities                                                                          |                      |       |   |   |   |   |   |
| Net      income (loss)                                                              | $                         | (2,832,063 | ) |   | $ | 165,746 |   |
| Adjustments      to reconcile net income (loss) to net cash provided by operating      activities: |                      |       |   |   |   |   |   |
| Stock-based      compensation related to equity-classified    awards                     |                      | —    |   |   |   | 33,561 |   |
| ESOP      compensation                                                    |                      | 31,860     |   |   |   | — |   |
| Pension      costs, net of      contributions                        |                      | 63,655     |   |   |   | (8,023 | ) |
| Gain      on sale of studio production lot                                          |                      | (82,371    | ) |   |   | — |   |
| Gain      on sales of other real estate                                        |                      | (24,328    | ) |   |   | — |   |
| Write-off      of capitalized software application costs                                 |                      | 24,804     |   |   |   | — |   |
| Write-off      of Los      Angeles Times plant equipment                            |                      | —    |   |   |   | 24,216 |   |
| Depreciation                                                                   |                      | 152,229    |   |   |   | 157,194 |   |
| Amortization      of intangible assets                                         |                      | 14,689     |   |   |   | 15,500 |   |
| Write-downs      of intangible assets (Note 9)                                           |                      | 3,843,111  |   |   |   | — |   |
| Net      income on equity investments                                          |                      | (58,130    | ) |   |   | (67,953 | ) |
| Distributions      from equity investments                                          |                      | 84,469     |   |   |   | 77,848 |   |
| Amortization      of debt issuance costs                                            |                      | 58,951     |   |   |   | 17,331 |   |
| (Gain)      loss on change in fair values of PHONES and related      investment               |                      | (97,960    | ) |   |   | 182,144 |   |
| Gain      on sales of investments, net                                                   |                      | (67,375    | ) |   |   | (516 | ) |
| Gain      on TMCT transactions                                                      |                      | —    |   |   |   | (8,329 | ) |
| Subchapter      S corporation election deferred income taxes adjustment (Note      3)              |                      | (1,859,358 | ) |   |   | — |   |
| Matthew      Bender and Mosby income tax settlement                                 |                      | —    |   |   |   | (90,704 | ) |
| Non-cash      loss on dispositions of discontinuedoperations                             |                      | 681,055    |   |   |   | 20,025 |   |
| Changes      in working capital items, excluding effects from acquisitions and      dispositions:  |                      |       |   |   |   |   |   |
| Accounts      receivable                                                                 |                      | 49,085     |   |   |   | 14,003 |   |
| Inventories,      prepaid expenses and other current assets                                   |                      | 10,599     |   |   |   | (12,423 | ) |
| Deferred      income, accounts payable, accrued expenses and other current      liabilities        |                      | (19,944    | ) |   |   | 83,720 |   |
| Income      taxes                                                                   |                      | 72,256     |   |   |   | (48,083 | ) |
| Deferred      compensation                                                          |                      | (18,693    | ) |   |   | (49,031 | ) |
| Deferred      income taxes, excluding subchapter S corporation election      adjustment            |                      | (1,184     | ) |   |   | (99,191 | ) |
| Tax      benefit on stock options      exercised                          |                      | —    |   |   |   | 11,933 |   |
| Prepaid      rent from Newsday LLC (Note 2)                                         |                      | 18,000     |   |   |   | — |   |
| Other,      net                                                                          |                      | 42,006     |   |   |   | 32,597 |   |
| Net      cash provided by operating activities                                      |                      | 85,363     |   |   |   | 451,565 |   |
| Investing      Activities                                                                          |                      |       |   |   |   |   |   |
| Purchase      of TMCT, LLC real estate (Note 13)                                    |                      | (175,141   | ) |   |   | — |   |
| Other      capital expenditures                                                     |                      | (65,012    | ) |   |   | (85,132 | ) |
| Acquisitions      and investments                                                   |                      | (14,104    | ) |   |   | (21,942 | ) |
| Distribution      from Newsday LLC (Note 2)                                         |                      | 612,000    |   |   |   | — |   |
| Proceeds      from sales of subsidiaries, intangibles, investments and real      estate       |                      | 318,051    |   |   |   | 95,848 |   |
| Net      cash provided by (used for) investing      activities                      |                      | 675,794    |   |   |   | (11,226 | ) |
| Financing      Activities                                                                          |                      |       |   |   |   |   |   |
| Long-term      borrowings                                                      |                      | 25,000     |   |   |   | 7,015,000 |   |
| Issuance      of exchangeable promissory note                                            |                      | —    |   |   |   | 200,000 |   |
| Borrowings      under former bridge credit facility                                           |                      | —    |   |   |   | 100,000 |   |
| Other      borrowings                                                          |                      | 1,978      |   |   |   | — |   |
| Repayments      under former bridge credit facility                                      |                      | —    |   |   |   | (1,410,000 | ) |
| Repayments      of long-term debt                                    |                      | (979,563   | ) |   |   | (1,633,655 | ) |
| Repayments      of commercial paper, net                                                 |                      | —    |   |   |   | (97,019 | ) |
| Borrowings      under trade receivables securitization facility (Note      10)           |                      | 225,000    |   |   |   | — |   |
| Long-term      debt issuance costs                                                  |                      | (6,956     | ) |   |   | (134,085 | ) |
| Sales      of common stock to employees, net                                                       |                      | —    |   |   |   | 73,354 |   |
| Sale      of common stock to Zell      Entity                        |                      | —    |   |   |   | 50,000 |   |
| Purchases      of Tribune common stock                                         |                      | —    |   |   |   | (4,289,192 | ) |
| Dividends                                                            |                      | —    |   |   |   | (43,247 | ) |
| Net      cash used for financing      activities                          |                      | (734,541   | ) |   |   | (168,844 | ) |
| Net      Increase in Cash and Cash      Equivalents                       |                      | 26,616     |   |   |   | 271,495 |   |
| Cash      and cash equivalents, beginning of year                                   |                      | 233,284    |   |   |   | 174,686 |   |
| Cash      and cash equivalents, end of quarter                                           | $                         | 259,900    |   |   | $ | 446,181 |   |

----

----

----

----

|                                                                    |   | Third      Quarter |    |   | First      Three Quarters |   |
|-------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------------------|--------|
|                                                                    |   | 2008               |    |   | 2007                      |   |   | 2008 |   |   | 2007 |   |
|                                                                    |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues                                       |   | $                  | 32,260  |   |                      | $      | 132,187 |   |   | $ | 258,362 |   |   | $ | 416,925 |   |
|                                                                    |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit (loss)                                            |   | $                  | 4,441   |   |                      | $      | 12,390 |   |   | $ | (410 | ) |   | $ | 46,256 |   |
| Interest      income                                |   |               | — |   |                      |   | 3 |   |   |   | 2 |   |   |   | 7 |   |
| Interest      expense                               |   |               | (2,454  | )      |                      |   | (11,810 | ) |   |   | (22,186 | ) |   |   | (15,264 | ) |
| Non-operating      loss, net(1)                               |   |               | — |   |                      |   | — |   |   |   | — |   |   |   | (15,000 | ) |
| Gain      (loss) on dispositions of discontinued                        |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| operations                                                         |   |               | 852     |   |                      |   | (3,067 | ) |   |   | (691,623 | ) |   |   | (20,025 | ) |
| Income      (loss) from discontinued operationsbefore      income taxes |   |               | 2,839   |   |                      |   | (2,484 | ) |   |   | (714,217 | ) |   |   | (4,026 | ) |
| Income      taxes(2)                                               |   |               | (254    | )      |                      |   | 71,698 |   |   |   | (940 | ) |   |   | 45,287 |   |
| Income      (loss) from discontinued operations                         |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| net of tax                                                              |   | $                  | 2,585   |   |                      | $      | 69,214 |   |   | $ | (715,157 | ) |   | $ | 41,261 |   |

| (1)   | Discontinued      operations for the first three quarters of 2007 included a pretax      non-operating charge of $15 million for a civil forfeiture payment related      to the inquiry by the United States Attorney’s Office for the Eastern      District of New York into the circulation practices of Newsday and Hoy, New      York.  See Note 5 to the consolidated financial statements in      the Company’s Annual Report on Form 10-K for the fiscal year ended Dec.      30, 2007, for further information. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Income      taxes for the first three quarters of 2008 included tax expense of $1      million related to the $691 million pretax loss on the NMG      transaction.  NMG’s net assets included, before the write-down      of these assets to fair value in connection with the transaction,      allocated newspaper reporting unit goodwill of $830 million and a      newspaper masthead intangible asset of $380 million, most of which are not      deductible for income tax purposes. The Company recorded an income tax      benefit of $72 million related to a pretax loss of $2 million in the third      quarter of 2007 and an income tax benefit of $45 million related to a      pretax loss of $4 million in the first three quarters of      2007.  Due to the Company’s high tax basis in the Recycler      stock, the sale of Recycler generated a significantly higher capital loss      for income tax purposes.  As a result, the Company recorded a      $65 million income tax benefit in the third quarter of 2007, resulting in      an after-tax gain of $64 million on the sale of Recycler.  The      pretax loss in the first three quarters of 2007 also included $48 million      of allocated newspaper group goodwill, most of which is not deductible for      income tax purposes. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                   |   | Sept.      28, 2008 |    |   | Dec.      30, 2007 |   |
|--------------------------------------------------------|--------|---------------------|---------|--------|--------------------|--------|
|                                                   |   | Assets              |    |   | Liabilities        |   |   | Assets |   |   | Liabilities |   |
|                                                   |   |                |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Chicago      Cubs and Wrigley Field                    |   | $                   | 136,903 |   |               | $      | 98,853 |   |   | $ | — |   |   | $ | — |   |
| Studio      production lot, Hollywood, California      |   |                | — |   |               |   | — |   |   |   | 23,322 |   |   |   | — |   |
| SCNI      real estate                                  |   |                | — |   |               |   | — |   |   |   | 5,485 |   |   |   | — |   |
| Other      real estate                                 |   |                | 15,479  |   |               |   | — |   |   |   | 4,973 |   |   |   | — |   |
| Total      assets and liabilities held for disposition |   | $                   | 152,382 |   |               | $      | 98,853 |   |   | $ | 33,780 |   |   | $ | — |   |

----

----

|                                        |   | Third      Quarter |    |   | First      Three Quarters |   |
|---------------------------------------------|--------|--------------------|---------|--------|---------------------------|--------|
|                                        |   | 2008               |    |   | 2007                      |   |   | 2008 |   |   | 2007 |   |
|                                        |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Management      equity incentive plan       |   | $                  | 2,922   |   |                      | $      | — |   |   | $ | 15,456 |   |   | $ | — |   |
| Options(1)                                  |   |               | — |   |                      |   | 555 |   |   |   | — |   |   |   | 1,879 |   |
| Restricted      stock units(1)              |   |               | — |   |                      |   | 6,385 |   |   |   | — |   |   |   | 30,103 |   |
| Employee      stock purchase plan(2)        |   |               | — |   |                      |   | — |   |   |   | — |   |   |   | 723 |   |
| Total      stock-based compensation expense |   | $                  | 2,922   |   |                      | $      | 6,940 |   |   | $ | 15,456 |   |   | $ | 32,705 |   |

| (1)   | Pursuant      to an Agreement and Plan of Merger (the “Merger Agreement”) entered into      by the Company on April 1, 2007 with Great Banc Trust Company, not in its      individual or corporate capacity, but solely as trustee of the Tribune      Employee Stock Ownership Trust, a separate trust which forms a part of the      ESOP, Tesop Corporation, a Delaware corporation wholly-owned by the ESOP      (“Merger Sub”), and the Zell Entity (solely for the limited purposes      specified therein), which provided for Merger Sub to be merged with and      into the Company, and following such merger, the Company to continue as      the surviving corporation wholly-owned by the ESOP (the “Merger”), on Dec.      20, 2007, the Company redeemed for cash all outstanding stock awards, each      of which vested in full upon completion of the Merger, with positive      intrinsic value relative to $34.00 per share.  All remaining      outstanding stock awards under the Tribune Company Incentive Plan (the      “Incentive Plan”) as of Dec. 20, 2007 that were not cash settled pursuant      to the Merger Agreement were cancelled.  The Company does not      intend to grant any new equity awards under the Incentive      Plan. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | In      April 2007, the Company suspended further contributions to the employee      stock purchase plan, which was discontinued as of Dec. 20, 2007, following      the consummation of the Merger. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                          |   | Sept.      28, 2008 |     | Dec.      30, 2007 |   |
|---------------------------------------------------------------|--------|---------------------|----------|--------------------|--------|
|                                                          |   |                |     |               |   |   |   |
| ESOP      shares (at fair value)(1)                           |   | $                   | 31,860   |               | $      | — |   |
| Unallocated      ESOP shares (at book value)                  |   |                | 236,579  |               |   | 250,000 |   |
| Unearned      compensation related to ESOP                    |   |                | (236,579 | )                  |   | (250,000 | ) |
| Common      shares held by ESOP, net of unearned compensation |   | $                   | 31,860   |               | $      | — |   |

| (1)   | Represents      3,034,342 shares expected to be released with respect to fiscal year 2008      as measured on Sept. 28, 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------|

----

|                                               | Pension      Benefits |    |   | Other      Postretirement Benefits |
|----------------------------------------------------|-----------------------|---------|--------|------------------------------------|
|                                               | Third      Quarter    |    |   | Third      Quarter                 |
|                                               | 2008                  |    |   | 2007                               |   |   | 2008 |   |   | 2007 |
|                                               |                  |    |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Service      cost                                  | $                     | 5,216   |   |                               | $ | 611 |   |   | $ | 219 |   |   | $ | 322 |   |
| Interest      cost                                 |                  | 21,942  |   |                               |   | 21,232 |   |   |   | 1,946 |   |   |   | 2,125 |   |
| Expected      return on plans’ assets   |                  | (36,016 | )      |                               |   | (35,198 | ) |   |   | — |   |   |   | — |   |
| Recognized      actuarial loss (gain)         |                  | 5,493   |   |                               |   | 11,844 |   |   |   | (396 | ) |   |   | 127 |   |
| Amortization      of prior service costs (credits) |                  | 306     |   |                               |   | 96 |   |   |   | (203 | ) |   |   | (362 | ) |
| Special      termination benefits(1)     |                  | 28,240  |   |                               |   | — |   |   |   | — |   |   |   | — |   |
| Curtailment      gain(2)                      |                  | — |   |                               |   | — |   |   |   | (4,544 | ) |   |   | — |   |
| Net      periodic benefit cost (credit)(3)    | $                     | 25,181  |   |                               | $ | (1,415 | ) |   | $ | (2,978 | ) |   | $ | 2,212 |   |

|                                                          | Pension      Benefits     |     |   | Other      Postretirement Benefits |
|---------------------------------------------------------------|---------------------------|----------|--------|------------------------------------|
|                                                          | First      Three Quarters |     |   | First      Three Quarters          |
|                                                          | 2008                      |     |   | 2007                               |   |   | 2008 |   |   | 2007 |
|                                                          |                      |     |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Service      cost                                        | $                         | 16,334   |   |                               | $ | 1,484 |   |   | $ | 738 |   |   | $ | 968 |   |
| Interest      cost                                       |                      | 66,539   |   |                               |   | 63,000 |   |   |   | 5,633 |   |   |   | 5,869 |   |
| Expected      return on plans’ assets    |                      | (109,105 | )      |                               |   | (104,524 | ) |   |   | — |   |   |   | — |   |
| Recognized      actuarial loss (gain)          |                      | 16,809   |   |                               |   | 35,326 |   |   |   | (876 | ) |   |   | 135 |   |
| Amortization      of prior service costs (credits)            |                      | 1,042    |   |                               |   | 165 |   |   |   | (931 | ) |   |   | (1,084 | ) |
| Special      termination benefits(1)                     |                      | 59,528   |   |                               |   | — |   |   |   | — |   |   |   | — |   |
| Curtailment      (gain) loss(2)                     |                      | 17,147   |   |                               |   | — |   |   |   | (4,544 | ) |   |   | — |   |
| Net      periodic benefit cost (credit)(3)               | $                         | 68,294   |   |                               | $ | (4,549 | ) |   | $ | 20 |   |   | $ | 5,888 |   |

| (1)   | Represents      one-time pension benefits related to the elimination of approximately 700      positions in the third quarter of 2008 and 1,600 positions in the first      three quarters of 2008.  The first three quarters of 2008      includes $7.4 million of one-time pension benefits related to discontinued      operations.  These position eliminations in the first three      quarters of 2008, excluding those related to discontinued operations, did      not constitute a curtailment as defined in FASB Statement No. 88,      “Employers’ Accounting for Settlements and Curtailments of Defined Benefit      Pension Plans and for Termination Benefits”.   Additional position      eliminations in the fourth quarter of 2008 may result in a curtailment and      remeasurement of Company-sponsored pension plan obligations and      assets. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Relates      entirely to the NMG transaction and is included in discontinued      operations. |
|-----------------|-----------------------------------------------------------------------------------------------|

| (3)   | Includes      benefit costs related to discontinued operations, other than the amounts      related to special termination benefits and the curtailment (gain) loss      described above, of $.6 million and $.3 million for the third quarters of      2008 and 2007, respectively, and $1.8 million and $.8 million for the      first three quarters of 2008 and 2007,  respectively. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                       | Third      Quarter 2008 |    |   | First      Three Quarters 2008 |   |
|--------------------------------------------------------------------------------------------|-------------------------|---------|--------|--------------------------------|--------|
|                                                                                       | PretaxGain      (Loss)  |    |   | After-taxGain      (Loss)      |   |   | PretaxGain      (Loss) |   |   | After-taxGain      (Loss) |   |
|                                                                                       |                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Gain      (loss) on change in fair valuesof PHONES and related      investment   | $                       | (8,360  | )      |                           | $      | (8,262 | ) |   | $ | 97,960 |   |   | $ | 96,803 |   |
| Gain      on sales of investments, net                                           |                    | 78,675  |   |                           |   | 54,594 |   |   |   | 67,375 |   |   |   | 43,202 |   |
| Other,      net                                                             |                    | 372     |   |                           |   | 368 |   |   |   | 527 |   |   |   | 523 |   |
| Income      tax adjustment                                                  |                    | — |   |                           |   | — |   |   |   | — |   |   |   | 1,859,358 |   |
| Total      non-operating items                                                   | $                       | 70,687  |   |                           | $      | 46,700 |   |   | $ | 165,862 |   |   | $ | 1,999,886 |   |

----

|                                                                                | Third      Quarter 2007 |    |   | First      Three Quarters 2007 |   |
|-------------------------------------------------------------------------------------|-------------------------|---------|--------|--------------------------------|--------|
|                                                                                | PretaxGain      (Loss)  |    |   | After-taxGain      (Loss)      |   |   | PretaxGain      (Loss) |   |   | After-taxGain      (Loss) |   |
|                                                                                |                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss      on change in fair valuesof PHONES and related      investment   | $                       | (84,969 | )      |                           | $      | (51,831 | ) |   | $ | (182,144 | ) |   | $ | (111,108 | ) |
| Strategic      transaction expenses                             |                    | (3,160  | )      |                           |   | (3,160 | ) |   |   | (38,557 | ) |   |   | (32,588 | ) |
| Gain      on TMCT transactions                                       |                    | 8,329   |   |                           |   | 5,081 |   |   |   | 8,329 |   |   |   | 5,081 |   |
| Other,      net                                                      |                    | 1,936   |   |                           |   | 1,180 |   |   |   | 23,450 |   |   |   | 14,305 |   |
| Income      tax adjustment                                           |                    | — |   |                           |   | 90,704 |   |   |   | — |   |   |   | 90,704 |   |
| Total      non-operating items                                       | $                       | (77,864 | )      |                           | $      | 41,974 |   |   | $ | (188,922 | ) |   | $ | (33,606 | ) |

----

|                    | Sept.      28, 2008 |   | Dec.      30, 2007 |
|-------------------------|---------------------|--------|--------------------|
|                    |                |   |               |   |   |
| Newsprint               | $                   | 20,447 |               | $ | 28,664 |
| Supplies      and other |                | 11,345 |               |   | 12,011 |
| Total      inventories  | $                   | 31,792 |               | $ | 40,675 |

|                                                                            | Sept.      28, 2008 |    |                    | Dec.      30, 2007 |
|---------------------------------------------------------------------------------|---------------------|---------|-------------------------|--------------------|
|                                                                            | GrossAmount         |    | AccumulatedAmortization |               | NetAmount |   |   | GrossAmount |   | AccumulatedAmortization |   |   | NetAmount |
|                                                                            |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Intangible      assets subject to amortization                                  |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Subscribers      (useful life of 15 to 20 years)                      | $                   | 174,980 |                    | $                  | (80,945 | ) | $ | 94,035 |   |   | $ | 189,879 |   | $ | (81,698) |   |   | $ | 108,181 |
| Network      affiliation agreements (useful      life of 40 years)(1) |                | 278,034 |                    |               | (34,776 | ) |   | 243,258 |   |   |   | 278,034 |   |   | (29,552 | ) |   |   | 248,482 |
| Other      (useful life of 3 to 40                                         |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| years)                                                                          |                | 30,610  |                    |               | (13,392 | ) |   | 17,218 |   |   |   | 25,381 |   |   | (11,707 | ) |   |   | 13,674 |
| Total                                                                           | $                   | 483,624 |                    | $                  | (129,113 | ) |   | 354,511 |   |   | $ | 493,294 |   | $ | (122,957 | ) |   |   | 370,337 |
|                                                                            |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill      and other intangibleassets      not subject toamortization        |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                                                                        |                |    |                    |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Publishing                                                                      |                |    |                    |               |   |   |   | 301,667 |   |   |   |   |   |   |   |   |   |   | 4,138,685 |
| Broadcasting      and entertainment                                             |                |    |                    |               |   |   |   | 1,440,628 |   |   |   |   |   |   |   |   |   |   | 1,441,241 |
| Total      goodwill                                                             |                |    |                    |               |   |   |   | 1,742,295 |   |   |   |   |   |   |   |   |   |   | 5,579,926 |
| Newspaper      mastheads                                                        |                |    |                    |               |   |   |   | 197,000 |   |   |   |   |   |   |   |   |   |   | 1,412,937 |
| FCC      licenses                                                               |                |    |                    |               |   |   |   | 871,946 |   |   |   |   |   |   |   |   |   |   | 871,946 |
| Tradename                                                                       |                |    |                    |               |   |   |   | 7,932 |   |   |   |   |   |   |   |   |   |   | 7,932 |
| Total                                                                           |                |    |                    |               |   |   |   | 2,819,173 |   |   |   |   |   |   |   |   |   |   | 7,872,741 |
| Total      goodwill and other intangible assets                                 |                |    |                    |               |   |   | $ | 3,173,684 |   |   |   |   |   |   |   |   |   | $ | 8,243,078 |

| (1)   | Network      affiliation agreements, net of accumulated amortization, included $170      million related to FOX affiliations, $70 million related to CW      affiliations and $3 million related to MyNetworkTV affiliations as of      Sept. 28, 2008. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                              | Publishing |       |   | BroadcastingandEntertainment |   |      | Total  |   |
|-------------------------------------------------------------------|------------|------------|--------|------------------------------|--------|-----------|--------|--------|
| Intangible      assets subject to amortization                    |       |       |   |                         |   |      |   |   |   |   |   |
| Balance      as of Dec. 30, 2007                   | $          | 70,905     |   |                         | $      | 299,432   |   |   | $ | 370,337 |   |
| Amortization      expense                               |       | (6,236     | )      |                         |   | (7,729    | )      |   |   | (13,965 | ) |
| Acquisitions                                       |       | 6,003      |   |                         |   | —   |   |   |   | 6,003 |   |
| Disposition      of discontinued operations (see Note 2)          |       | (7,819     | )      |                         |   | —   |   |   |   | (7,819 | ) |
| Foreign      currency translation adjustment       |       | (45        | )      |                         |   | —   |   |   |   | (45 | ) |
| Balance      as of Sept. 28, 2008                       | $          | 62,808     |   |                         | $      | 291,703   |   |   | $ | 354,511 |   |
|                                                              |       |       |   |                         |   |      |   |   |   |   |   |
| Goodwill                                                          |       |       |   |                         |   |      |   |   |   |   |   |
| Balance      as of Dec. 30, 2007                   | $          | 4,138,685  |   |                         | $      | 1,441,241 |   |   | $ | 5,579,926 |   |
| Disposition      of discontinued operations (see Note 2)          |       | (830,481   | )      |                         |   | —   |   |   |   | (830,481 | ) |
| Reclassification      to assets held for disposition (see Note 2) |       | —    |   |                         |   | (613      | )      |   |   | (613 | ) |
| Acquisitions                                            |       | 475        |   |                         |   | —   |   |   |   | 475 |   |
| Impairment      write-down of goodwill                  |       | (3,007,000 | )      |                         |   | —   |   |   |   | (3,007,000 | ) |
| Foreign      currency translation adjustment            |       | (12        | )      |                         |   | —   |   |   |   | (12 | ) |
| Balance      as of Sept. 28, 2008                       | $          | 301,667    |   |                         | $      | 1,440,628 |   |   | $ | 1,742,295 |   |
|                                                              |       |       |   |                         |   |      |   |   |   |   |   |
| Other      intangible assets not subject to amortization          |       |       |   |                         |   |      |   |   |   |   |   |
| Balance      as of Dec. 30, 2007                        | $          | 1,420,869  |   |                         | $      | 871,946   |   |   | $ | 2,292,815 |   |
| Disposition      of discontinued operations (see Note 2)          |       | (379,826   | )      |                         |   | —   |   |   |   | (379,826 | ) |
| Impairment      write-down of newspaper masthead assets           |       | (836,111   | )      |                         |   | —   |   |   |   | (836,111 | ) |
| Balance      as of Sept. 28, 2008                                 | $          | 204,932    |   |                         | $      | 871,946   |   |   | $ | 1,076,878 |   |
|                                                              |       |       |   |                         |   |      |   |   |   |   |   |
| Total      goodwill and other intangibles as of Sept. 28, 2008    | $          | 569,407    |   |                         | $      | 2,604,277 |   |   | $ | 3,173,684 |   |

----

----

|                                                                                                                                              | Sept.      28, 2008 |       | Dec. 30, 2007 |
|---------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------|-------------------------|
|                                                                                                                                              |                |       |                    |   |   |
| Tranche      B Facility due 2014, interest rate of 5.79% and 7.91%,      respectively                                                             | $                   | 7,554,825  |                    | $ | 7,587,163 |
| Tranche      X Facility due 2009, interest rate of 5.54% and 7.99%,respectively                                                                   |                | 512,000    |                    |   | 1,400,000 |
| Bridge      Facility due 2008, interest rate of 8.79% and 9.43%,      respectively                                                                |                | 1,600,000  |                    |   | 1,600,000 |
| Medium-term      notes due 2008, weighted average interest rate of 5.6% in2008      and 2007                                                      |                | 237,585    |                    |   | 262,585 |
| Trade      receivables securitization facility due July 1, 2010, interest rate of      4.90%                                                      |                | 225,000    |                    |   | — |
| Property      financing obligation, effective interest rate of 7.7% (Note      13)                                                                |                | —    |                    |   | 35,676 |
| 4.875%      notes due 2010, net of unamortized discount of $295 and $410,respectively                                                             |                | 449,705    |                    |   | 449,589 |
| 7.25%      debentures due 2013, net of unamortized discount of $1,536and$1,794,      respectively                                                 |                | 80,547     |                    |   | 80,289 |
| 5.25%      notes due 2015, net of unamortized discount of $1,087 and $1,205,      respectively                                                    |                | 328,913    |                    |   | 328,795 |
| 7.5%      debentures due 2023, net of unamortized discount of $3,555 and $3,732,      respectively                                                |                | 95,194     |                    |   | 95,016 |
| 6.61%      debentures due 2027, net of unamortized discount of $2,017 and $2,095,      respectively                                               |                | 82,943     |                    |   | 82,864 |
| 7.25%      debentures due 2096, net of unamortized discount of $17,785      and$17,926,      respectively                                         |                | 130,215    |                    |   | 130,073 |
| Subordinated      promissory notes due 2018, effective interest rate of 17%,netof      unamortized discount of $164,935 and $165,000,respectively |                | 68,343     |                    |   |                60,315 |
| Interest      rate swaps                                                                                                                          |                | 131,629    |                    |   | 119,029 |
| Other      notes and obligations                                                                                                                  |                | 45,115     |                    |   | 15,091 |
| Total      debt excluding PHONES                                                                                                                  |                | 11,542,014 |                    |   | 12,246,485 |
| 2%      PHONES debt related to Time Warner stock, due 2029                                                                                        |                | 279,999    |                    |   | 597,040 |
| Total      debt                                                                                                                                   | $                   | 11,822,013 |                    | $ | 12,843,525 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Sept.      28, 2008 |       | Dec.      30, 2007 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------|--------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |               |   |   |
| Current      liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                |       |               |   |   |
|     PHONES      debt related to Time Warner stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $                   | 215,991    |               | $ | 253,080 |
|     Other      debt due within one year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                | 619,793    |               |   | 750,239 |
|     Total      current debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                | 835,784    |               |   | 1,003,319 |
| Long-term      debt:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                |       |               |   |   |
|     PHONES      debt related to Time Warner      stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                | 64,008     |               |   | 343,960 |
|     Other      long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                | 10,922,221 |               |   | 11,496,246 |
|     Total      long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                | 10,986,229 |               |   | 11,840,206 |
| Total      debt                                                                                               | $                   | 11,822,013 |               | $ | 12,843,525 |

----

----

----

----

----

----

----

|                                                                                                       | Balances      PriorTo      Adoption |     | Net      Gain/(Loss)Upon      Adoption |   | Balances      AfterAdoption |
|------------------------------------------------------------------------------------------------------------|-------------------------------------|----------|----------------------------------------|--------|-----------------------------|
|                                                                                                       |                                |     |                                   |   |                        |   |   |   |   |   |   |
| PHONES      debt (current and long-term portions)                                                          | $                                   | (597,040 | )                                      |   | $                           | 177,040 |   |   | $ | (420,000 | ) |
| Unamortized      debt issuance costs related to PHONES                                                     |                                |     |                                   |   |                        |   |   |   |   |   |   |
| included      in other non-current assets                                                             | $                                   | 18,384   |                                   |   |                        | (18,384 | ) |   | $ | — |   |
| Pretax      cumulative effect of adoption                                                        |                                |     |                                   |   |                        | 158,656 |   |   |   |   |   |
| Increase      in deferred income tax liabilities                                                           |                                |     |                                   |   |                        | (61,876 | ) |   |   |   |   |
| Cumulative      effect of adoption (increase to     retained      earnings)  |                                |     |                                   |   | $                           | 96,780 |   |   |   |   |   |

| ·   | Level 1 – Financial      assets and liabilities whose values are based on unadjusted quoted prices      for identical assets or liabilities in an active market.  Level      1 financial assets for the Company include its investment in Time Warner      stock related to its PHONES debt and other investments in the securities      of public companies that are classified as available for      sale.  Level 1 financial liabilities for the Company include its      PHONES debt related to Time Warner stock (see Note 10 for additional      information pertaining to the fair value of the Company’s PHONES      debt). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 2 – Financial      assets and liabilities whose values are based on quoted prices in markets      where trading occurs infrequently or whose values are based on quoted      prices of instruments with similar attributes in active      markets.  Level 2 financial assets and liabilities also include      assets and liabilities whose values are derived from valuation models      whose inputs are observable.  Level 2 financial assets and      liabilities for the Company include its interest rate swaps and its      interest rate cap (see Note 10 for additional information on the Company’s      interest rate hedging instruments). |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3 – Financial      assets and liabilities whose values are based on valuation models or      pricing techniques that utilize unobservable inputs that are significant      to the overall fair value measurement.  The Company does not      currently have any Level 3 financial assets or  liabilities. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                    | Sept.      28, 2008 |    |
|---------------------------------------------------------------------------------------------------------|---------------------|---------|
|                                                                                                    | Level      1        |    |   | Level      2 |   |
| Financial      assets:                                                                                  |                |    |   |   |   |   |   |
|    Time      Warner stock related to PHONES                                    | $                   | 227,360 |   |   | $ | — |   |
|    Other      investments in securities of public      companies     |                | 3,073   |   |   |   | — |   |
|    Interest      rate hedging instruments                                 |                | — |   |   |   | 61,601 |   |
| Total                                                                                         | $                   | 230,433 |   |   | $ | 61,601 |   |
|                                                                                                    |                |    |   |   |   |   |   |
| Financial      liabilities:                                                                             |                |    |   |   |   |   |   |
|    PHONES      debt related to Time Warner stock                               | $                   | 279,999 |   |   | $ | — |   |
|    Interest      rate hedging instruments                                 |                | — |   |   |   | 131,629 |   |
| Total                                                                                         | $                   | 279,999 |   |   | $ | 131,629 |   |

|                                                                                                | Third      Quarter |     |   | First      Three Quarters |   |
|----------------------------------------------------------------------------------------------------------|--------------------|----------|--------|---------------------------|--------|
|                                                                                                     | 2008               |     |   | 2007                      |   |   | 2008 |   |   | 2007 |   |
|                                                                                                     |               |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss)                                                                                   | $                  | (121,576 | )      |                      | $      | 152,765 |   |   | $ | (2,832,063 | ) |   | $ | 165,746 |   |
| Change      in unrecognized benefit plan losses,net      of taxes                                        |               | —  |   |                      |   | — |   |   |   | (57,109 | ) |   |   | — |   |
| Adjustment      for previously unrecognized benefitplan      losses included in net income, net of taxes |               | 5,278    |   |                      |   | 7,072 |   |   |   | 15,994 |   |   |   | 21,071 |   |
| Unrealized      loss on marketable securities, net of taxes                                              |               | (110     | )      |                      |   | (2,109 | ) |   |   | (2,206 | ) |   |   | (4,440 | ) |
| Unrecognized      gains (losses) on cash flow hedginginstruments:                                        |               |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Gains      (losses) on cash flow hedging instrumentsarising      during the period, net of taxes         |               | 496      |   |                      |   | (29,251 | ) |   |   | (12,536 | ) |   |   | (29,251 | ) |
| Adjustment      for losses on cash flow hedging instruments      included in net income, net oftaxes     |               | 9,259    |   |                      |   | — |   |   |   | 7,642 |   |   |   | — |   |
|         Unrecognized gains (losses) on cash flow                                               |               |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| hedging      instruments, net of taxes                                                                   |               | 9,755    |   |                      |   | (29,251 | ) |   |   | (4,894 | ) |   |   | (29,251 | ) |
| Change      in foreign currency translation                                                              |               |     |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|  adjustments,      net of taxes                                                                     |               | (79      | )      |                      |   | 272 |   |   |   | (144 | ) |   |   | 476  |   |
| Other      comprehensive income (loss)                                                                   |               | 14,844   |   |                      |   | (24,016 | ) |   |   | (48,359 | ) |   |   | (12,144 | ) |
| Comprehensive      income (loss)                                                                         | $                  | (106,732 | )      |                      | $      | 128,749 |   |   | $ | (2,880,422 | ) |   | $ | 153,602 |   |

----

----

----

----

|                                |   | Third      Quarter |      |   | First      Three Quarters |   |
|-------------------------------------|--------|--------------------|-----------|--------|---------------------------|--------|
|                                |   | 2008               |      |   | 2007                      |   |   | 2008 |   |   | 2007 |   |
|                                |   |               |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues:            |   |               |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Publishing                          |   | $                  | 653,590   |   |                      | $      | 752,502 |   |   | $ | 2,068,242 |   |   | $ | 2,340,769 |   |
| Broadcasting and      entertainment |   |               | 383,356   |   |                      |   | 406,051 |   |   |   | 1,084,292 |   |   |   | 1,082,018 |   |
| Total      operating revenues       |   | $                  | 1,036,946 |   |                      | $      | 1,158,553 |   |   | $ | 3,152,534 |   |   | $ | 3,422,787 |   |
|                                |   |               |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating profit      (loss)(1):    |   |               |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Publishing(2)                       |   | $                  | (26,218   | )      |                      | $      | 110,372 |   |   | $ | (3,755,915 | ) |   | $ | 317,298 |   |
| Broadcasting and      entertainment |   |               | 74,289    |   |                      |   | 117,787 |   |   |   | 312,887 |   |   |   | 286,903 |   |
| Corporate    expenses               |   |               | (11,008   | )      |                      |   | (11,329 | ) |   |   | (49,632 | ) |   |   | (44,902 | ) |
| Total      operating profit (loss)  |   | $                  | 37,063    |   |                      | $      | 216,830 |   |   | $ | (3,492,660 | ) |   | $ | 559,299 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Sept.      28, 2008 |      |   | Dec.      30, 2007 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                |      |   |               |   |   |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                |      |   |               |   |   |   |
| Publishing(3)                                                                                                                                                      |   | $                   | 2,821,396 |   |               | $      | 8,121,133 |   |
| Broadcasting and      entertainment(3)                                                                                                                             |   |                | 3,747,588 |   |               |   | 3,993,933 |   |
| Corporate                                                                                                                                                          |   |                | 882,829   |   |               |   | 1,000,873 |   |
|     Assets      held for      disposition                                                                                       |   |                | 152,382   |   |               |   | 33,780 |   |
| Total      assets                                                                                                                                   |   | $                   | 7,604,195 |   |               | $      | 13,149,719 |   |

| (1)   | Operating      profit (loss) for each segment excludes interest and dividend income,      interest expense, equity income and losses, non-operating items and income      taxes. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The      operating loss for the third quarter of 2008 for the publishing segment      included a non-cash pretax charge of $25 million for the write-off of      certain capitalized software application costs related to software that      the Company no longer intends to utilize (see Note 7).  The      first three quarters of 2008 operating loss for the publishing segment      included non-cash pretax impairment write-downs of intangible assets      totaling $3,843 million recorded in the second quarter of 2008 (see Note      9). |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Publishing      and broadcasting and entertainment segment assets include receivables of      $267 million and $222 million, respectively, which are pledged as      collateral under the Company’s Trade Receivables Securitization Facility      (see Note 10). |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

| ●   | On      April 1, 2007, the Company entered into an Agreement and Plan of Merger      (the “Merger Agreement”) with GreatBanc Trust Company, not in its      individual or corporate capacity, but solely as trustee of the Tribune      Employee Stock Ownership Trust, a separate trust which forms a part of the      ESOP, Tesop Corporation, a Delaware corporation wholly-owned by the ESOP      (“Merger Sub”), and the Zell Entity (solely for the limited purposes      specified therein) providing for Merger Sub to be merged with and into the      Company, and following such merger, the Company to continue as the      surviving corporation wholly-owned by the ESOP (the    “Merger”). |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●        | On      April 1, 2007, the ESOP purchased 8,928,571 shares of the Company’s common      stock from the Company at a price of $28.00 per share. The ESOP paid for      this purchase with a promissory note of the ESOP in favor of the Company      in the principal amount of $250 million, to be repaid by the ESOP over the      30-year life of the loan through its use of annual contributions from the      Company to the ESOP and/or distributions paid on the shares of the      Company’s common stock held by the ESOP. Upon consummation of the Merger,      the 8,928,571 shares of the Company’s common stock held by the ESOP were      converted into 56,521,739 shares of common stock and represent the only      outstanding shares of capital stock of the Company after the      Merger. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | On      April 23, 2007, pursuant to a purchase agreement dated April 1, 2007 (the      “Zell Entity Purchase Agreement”), the Zell Entity made an initial      investment of $250 million in the Company in exchange for (1) 1,470,588      shares of the Company’s common stock at a price of $34.00 per share and      (2) an unsecured subordinated exchangeable promissory note of the Company      in the principal amount of $200 million.  The shares were      converted at the effective time of the Merger into the right to receive      $34.00 per share in cash, and the unsecured subordinated exchangeable      promissory note, including approximately $6 million of interest accrued      thereon, was repaid by the Company immediately prior to the      Merger.  Pursuant to the Zell Entity Purchase Agreement, on May      9, 2007, Mr. Zell was appointed as a member of the  Board. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | On      April 25, 2007, the Company commenced a tender offer to repurchase up to      126 million shares of the Company’s common stock that were then      outstanding at a price of $34.00 per share in cash (the “Share      Repurchase”). The tender offer expired on May 24, 2007 and 126 million      shares of the Company’s common stock were repurchased and subsequently      retired on June 4, 2007 utilizing proceeds from the Credit Agreement (as      defined in the “Credit Agreements” section  below). |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | The      Company granted registration rights to Chandler Trust No. 1 and Chandler      Trust No. 2 (together, the “Chandler Trusts”), which were significant      shareholders of the Company prior to the Company’s entry into the      Leveraged ESOP Transactions. On April 25, 2007, the Company filed a shelf      registration statement in connection with the registration rights granted      to the Chandler Trusts. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | On      June 4, 2007, the Chandler Trusts entered into an underwriting agreement      with Goldman, Sachs & Co. (“Goldman Sachs”) and the Company, pursuant      to which the Chandler Trusts sold an aggregate of 20,351,954 shares of the      Company’s common stock, which represented the remainder of the shares of      the Company’s common stock owned by them following the Share Repurchase,      through a block trade underwritten by Goldman Sachs. The shares were      offered pursuant to the shelf registration statement filed by the Company      on April 25, 2007. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | On      Dec. 20, 2007, the Company completed its merger with Merger Sub, with the      Company surviving the Merger. Pursuant to the terms of the Merger      Agreement, each share of common stock of the Company, par value $0.01 per      share, issued and outstanding immediately prior to the Merger, other |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|    | than      shares held by the Company, the ESOP or Merger Sub immediately prior to      the Merger (in each case, other than shares held on behalf of third      parties) and shares held by shareholders who validly exercised appraisal      rights, was cancelled and automatically converted into the right to      receive $34.00, without interest and less any applicable withholding      taxes, and the Company became wholly-owned by the  ESOP. |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | Following      the consummation of the Merger, the Zell Entity purchased from the      Company, for an aggregate of $315 million, a $225 million subordinated      promissory note and a 15-year warrant.  For accounting purposes,      the subordinated promissory note and 15-year warrant were recorded at fair      value based on the relative fair value method. The warrant entitles the      Zell Entity to purchase      43,478,261 shares of the Company’s common stock (subject to adjustment),      which represents approximately 40% of the economic equity interest in the      Company following the Merger (on a fully-diluted basis, including after      giving effect to share equivalents granted under a new management equity      incentive plan which is described in Note 4 to the Company’s unaudited      condensed consolidated financial statements in Part I, Item 1, hereof).      The warrant has an initial aggregate exercise price of $500 million,      increasing by $10 million per year for the first 10 years of the warrant,      for a maximum aggregate exercise price of $600 million (subject to      adjustment). Thereafter, the Zell Entity assigned minority interests in      the subordinated promissory note and the warrant to certain permitted      assignees. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●        | On      Dec. 20, 2007, the Company notified the New York Stock Exchange (the      “NYSE”) that the Merger was consummated and requested that the Company’s      common stock (and associated Series A junior participating preferred stock      purchase rights) be suspended from the NYSE, effective as of the close of      the market on Dec. 20, 2007.  Subsequently, the NYSE filed with      the Securities and Exchange Commission an application on Form 25 reporting      that the shares of the Company’s common stock and associated Series A      junior participating preferred stock purchase rights are no longer listed      on the NYSE. |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                           | Third      Quarter 2008 |    |   | First      Three Quarters 2008 |   |
|--------------------------------------------------------------------------------|-------------------------|---------|--------|--------------------------------|--------|
| (in      millions)                                                             | PretaxGain      (Loss)  |    |   | After-taxGain      (Loss)      |   |   | PretaxGain      (Loss) |   |   | After-taxGain      (Loss) |   |
|                                                                           |                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Gain      (loss) on change in fair valuesof PHONES and related      investment | $                       | (8.4    | )      |                           | $      | (8.3 | ) |   | $ | 98.0 |   |   | $ | 96.8 |   |
| Gain      on sales of investments, net                          |                    | 78.7    |   |                           |   | 54.6 |   |   |   | 67.4 |   |   |   | 43.2 |   |
| Other,      net                                                      |                    | .4      |   |                           |   | .4 |   |   |   | .5 |   |   |   | .5 |   |
| Income      tax adjustment                                      |                    | — |   |                           |   | — |   |   |   | — |   |   |   | 1,859.4 |   |
| Total      non-operating items                                            | $                       | 70.7    |   |                           | $      | 46.7 |   |   | $ | 165.9 |   |   | $ | 1,999.9 |   |

----

|                                                                    | Third      Quarter 2007 |    |   | First      Three Quarters 2007 |   |
|-------------------------------------------------------------------------|-------------------------|---------|--------|--------------------------------|--------|
| (in      millions)                                                      | PretaxGain      (Loss)  |    |   | After-taxGain      (Loss)      |   |   | PretaxGain      (Loss) |   |   | After-taxGain      (Loss) |   |
|                                                                    |                    |    |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Loss      on change in fair valuesof PHONES and related      investment | $                       | (85.0   | )      |                           | $      | (51.8 | ) |   | $ | (182.1 | ) |   | $ | (111.1 | ) |
| Strategic      transaction expenses                           |                    | (3.2    | )      |                           |   | (3.2 | ) |   |   | (38.6 | ) |   |   | (32.6 | ) |
| Gain      on TMCT transactions                                |                    | 8.3     |   |                           |   | 5.1 |   |   |   | 8.3 |   |   |   | 5.1 |   |
| Other,      net                                          |                    | 1.9     |   |                           |   | 1.2 |   |   |   | 23.5 |   |   |   | 14.3 |   |
| Income      tax adjustment                               |                    | — |   |                           |   | 90.7 |   |   |   | — |   |   |   | 90.7 |   |
| Total      non-operating items                                | $                       | (77.9   | )      |                           | $      | 42.0 |   |   | $ | (188.9 | ) |   | $ | (33.6 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                  | Third      Quarter |    | First      Three Quarters |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                                                                                                                                                                                                                                                                                                                                                                    | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                                                                                                                                                                                                                                                                                                                                                                  |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues                                                              | $                  | 1,037   |                      | $ | 1,159 |   | - | 10% |   | $ | 3,153 |   | $ | 3,423 |   | - | 8% |
|                                                                                                                                                                                                                                                                                                                                                                                                  |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit (loss)(1):                                                                                                                                                                                                                                                                                                                                                                      |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before      write-downs of intangible assets                                                                                                                                                                                                                                                                                                                                                          | $                  | 37      |                      | $ | 217 |   | - | 83% |   | $ | 350 |   | $ | 559 |   | - | 37% |
| Write-downs      of intangible assets(2)                                                                                                                                                                                                                                                                                                                                                              |               | — |                      |   | — |   |   | — |   |   | (3,843 | ) |   | — |   |   | * |
| After      write-downs of intangible assets                                                                                                                                                                                                                                                                                                                                                           | $                  | 37      |                      | $ | 217 |   | - | 83% |   | $ | (3,493 | ) | $ | 559 |   |   | * |
|                                                                                                                                                                                                                                                                                                                                                                                                  |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss):                                                                                                                                                                                                                                                                                                                                                                               |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from continuing operations(3)                                                                                                                                                                                                                                                                                                                                                      | $                  | (124    | )                         | $ | 84 |   |   | * |   | $ | (2,117 | ) | $ | 124 |   |   | * |
| Income      (loss) from discontinued operations,                                                                                                                                                                                                                                                                                                                                                      |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| net      of tax                                                                                                                                                                                                                                                                                                                                                                             |               | 3       |                      |   | 69 |   | - | 96% |   |   | (715 | ) |   | 41 |   |   | * |
| Net income      (loss)                                                                                                                                                                                                                                                                                                                                                                           | $                  | (122    | )                         | $ | 153 |   |   | * |   | $ | (2,832 | ) | $ | 166 |   |   | * |

| (1)   | Operating      profit (loss) excludes interest and dividend income, interest expense,      equity income and losses, non-operating items and income      taxes. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Write-downs      of intangible assets included a $3,007 million non-cash write-down of the      Company’s newspaper reporting unit goodwill and an $836 million non-cash      write-down of newspaper masthead intangible assets recorded in the second      quarter of 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Due      to the Company’s election to be treated as a subchapter S corporation      beginning in 2008, nearly all of its net deferred tax liabilities have      been eliminated as of Dec. 31, 2007.  This resulted in a $1,859      million reduction in income tax expense in the first quarter of      2008. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                | Third      Quarter |    | First      Three Quarters |
|---------------------------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                                  | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                                |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues                                             |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Publishing                                                | $                  | 654     |                      | $ | 753 |   | - | 13% |   | $ | 2,068 |   | $ | 2,341 |   | - | 12% |
| Broadcasting and      entertainment                  |               | 383     |                      |   | 406 |   | - | 6% |   |   | 1,084 |   |   | 1,082 |   |   | — |
| Total      operating revenues                             | $                  | 1,037   |                      | $ | 1,159 |   | - | 10% |   | $ | 3,153 |   | $ | 3,423 |   | - | 8% |
|                                                                |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit (loss)(1)                                     |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Publishing:                                                         |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before write-downs of      intangible assets                        | $                  | (26     | )                         | $ | 110 |   |   | * |   | $ | 87 |   | $ | 317 |   | - | 73% |
|     Write-downs      of intangible assets(2)    |               | — |                      |   | — |   |   | — |   |   | (3,843 | ) |   | — |   |   | * |
|     After      write-downs of intangible assets |               | (26     | )                         |   | 110 |   |   | * |   |   | (3,756 | ) |   | 317 |   |   | * |
| Broadcasting and      entertainment                       |               | 74      |                      |   | 118 |   | - | 37% |   |   | 313 |   |   | 287 |   | + | 9% |
|     Corporate      expenses           |               | (11     | )                         |   | (11 | ) | + | 3% |   |   | (50 | ) |   | (45 | ) | - | 11% |
| Total      operating profit (loss)                        | $                  | 37      |                      | $ | 217 |   | - | 83% |   | $ | (3,493 | ) | $ | 559 |   |   | * |

| (1)   | Operating      profit (loss) for each segment excludes interest and dividend income,      interest expense, equity income and losses, non-operating items and income      taxes. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Write-downs      of intangible assets included a $3,007 million non-cash write-down of the      Company’s newspaper reporting unit goodwill and an $836 million non-cash      write-down of newspaper masthead intangible assets recorded in the second      quarter of 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                            | Third      Quarter |    | First      Three Quarters |
|---------------------------------------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                                              | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                                            |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of sales (exclusive of items shown below)                             | $                  | 594     |                      | $ | 593 |   |   | — |   | $ | 1,743 |   | $ | 1,745 |   |   | — |
| Selling,      general and administrative                                   |               | 353     |                      |   | 298 |   | + | 19% |   |   | 903 |   |   | 964 |   | - | 6% |
| Depreciation      and amortization                                         |               | 53      |                      |   | 51 |   | + | 3% |   |   | 157 |   |   | 154 |   | + | 2% |
| Total      operating expenses before write-downs of      intangible assets |               | 1,000   |                      |   | 942 |   | + | 6% |   |   | 2,802 |   |   | 2,863 |   | - | 2% |
| Write-downs      of intangible assets(1)                                        |               | — |                      |   | — |   |   | — |   |   | 3,843 |   |   | — |   |   | * |
| Total      operating expenses                                              | $                  | 1,000   |                      | $ | 942 |   | + | 6% |   | $ | 6,645 |   | $ | 2,863 |   |   | * |

| (1)   | Write-downs      of intangible assets included a $3,007 million non-cash write-down of the      Company’s newspaper reporting unit goodwill and an $836 million non-cash      write-down of newspaper masthead intangible assets recorded in the second      quarter of 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                | Third      Quarter |    | First      Three Quarters |
|---------------------------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                                  | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                                |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues                                   | $                  | 654     |                      | $ | 753 |   | - | 13% |   | $ | 2,068 |   | $ | 2,341 |   | - | 12% |
|                                                                |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                            |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before write-downs of      intangible assets                        | $                  | 680     |                      | $ | 642 |   | + | 6% |   | $ | 1,981 |   | $ | 2,023 |   | - | 2% |
|     Write-downs      of intangible assets(1)    |               | — |                      |   | — |   |   | - |   |   | 3,843 |   |   | — |   |   | * |
|     After      write-downs of intangible assets | $                  | 680     |                      | $ | 642 |   | + | 6% |   | $ | 5,824 |   | $ | 2,023 |   |   | * |
|                                                                |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit (loss):                                       |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before write-downs of      intangible assets                        | $                  | (26     | )                         | $ | 110 |   |   | * |   | $ | 87 |   | $ | 317 |   | - | 73% |
|     Write-downs      of intangible assets(1)    |               | — |                      |   | — |   |   | - |   |   | (3,843 | ) |   | — |   |   | * |
| After      write-downs of intangible assets                         | $                  | (26     | )                         | $ | 110 |   |   | * |   | $ | (3,756 | ) | $ | 317 |   |   | * |

| (1)   | Write-downs      of intangible assets included a $3,007 million non-cash write-down of the      Company’s newspaper reporting unit goodwill and an $836 million non-cash      write-down of newspaper mastheads recorded in the second quarter of      2008. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                             | Third      Quarter |   | First      Three Quarters |
|--------------------------------------------------|--------------------|--------|---------------------------|
| (in      millions)                               | 2008               |   | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                             |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advertising                                      |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retail        | $                  | 220    |                      | $ | 243 |   | - | 10% |   | $ | 692 |   | $ | 758 |   | - | 9% |
| National                |               | 112    |                      |   | 142 |   | - | 21% |   |   | 375 |   |   | 435 |   | - | 14% |
| Classified                   |               | 135    |                      |   | 193 |   | - | 30% |   |   | 443 |   |   | 618 |   | - | 28% |
| Total      advertising            |               | 467    |                      |   | 578 |   | - | 19% |   |   | 1,511 |   |   | 1,811 |   | - | 17% |
| Circulation                            |               | 107    |                      |   | 110 |   | - | 2% |   |   | 328 |   |   | 337 |   | - | 3% |
| Other                             |               | 79     |                      |   | 65 |   | + | 22% |   |   | 229 |   |   | 193 |   | + | 19% |
| Total      revenues               | $                  | 654    |                      | $ | 753 |   | - | 13% |   | $ | 2,068 |   | $ | 2,341 |   | - | 12% |

----

|                                                 | Third      Quarter |   | First      Three Quarters |
|------------------------------------------------------|--------------------|--------|---------------------------|
| Inches      (in thousands)                           | 2008               |   | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                 |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Full      run                                        |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retail                                |               | 1,086  |                      |   | 1,112 |   | - | 2% |   |   | 3,374 |   |   | 3,433 |   | - | 2% |
| National                                   |               | 579    |                      |   | 623 |   | - | 7% |   |   | 1,841 |   |   | 1,875 |   | - | 2% |
| Classified                            |               | 1,390  |                      |   | 1,814 |   | - | 23% |   |   | 4,605 |   |   | 5,570 |   | - | 17% |
| Total      full run                   |               | 3,055  |                      |   | 3,549 |   | - | 14% |   |   | 9,820 |   |   | 10,878 |   | - | 10% |
| Part      run                              |               | 3,188  |                      |   | 4,121 |   | - | 23% |   |   | 10,187 |   |   | 12,817 |   | - | 21% |
| Total      inches                               |               | 6,243  |                      |   | 7,670 |   | - | 19% |   |   | 20,007 |   |   | 23,695 |   | - | 16% |
|                                                 |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preprint      pieces (in millions)    |               | 2,495  |                      |   | 2,895 |   | - | 14% |   |   | 7,855 |   |   | 8,955 |   | - | 12% |

----

|                                                                                                                      | Third      Quarter |    | First      Three Quarters |
|---------------------------------------------------------------------------------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                                                                                        | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                                                                                                      |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensation                                                                                                    | $                  | 281     |                      | $ | 259 |   | + | 8% |   | $ | 841 |   | $ | 825 |   | + | 2% |
| Newsprint      and ink                                                                                          |               | 83      |                      |   | 83 |   |   | - |   |   | 252 |   |   | 274 |   | - | 8% |
| Circulation      distribution                                                                                        |               | 103     |                      |   | 101 |   | + | 2% |   |   | 318 |   |   | 308 |   | + | 3% |
| Outside      services                                                                                           |               | 57      |                      |   | 63 |   | - | 9% |   |   | 178 |   |   | 190 |   | - | 6% |
| Promotion                                                                                                  |               | 17      |                      |   | 26 |   | - | 33% |   |   | 54 |   |   | 68 |   | - | 21% |
| Depreciation      and amortization                                                               |               | 39      |                      |   | 38 |   | + | 4% |   |   | 118 |   |   | 115 |   | + | 2% |
| Other                                                                                                      |               | 99      |                      |   | 72 |   | + | 39% |   |   | 220 |   |   | 244 |   | - | 10% |
| Total      operating expenses before write-downs of intangible      assets        |               | 680     |                      |   | 642 |   | + | 6% |   |   | 1,981 |   |   | 2,023 |   | - | 2% |
| Write-downs      of intangible assets(1)                                                                                  |               | — |                      |   | — |   |   | — |   |   | 3,843 |   |   | — |   |   | * |
| Total      operating expenses                                                                                        | $                  | 680     |                      | $ | 642 |   | + | 6% |   | $ | 5,824 |   | $ | 2,023 |   |   | * |

| (1)   | Write-downs      of intangible assets included a $3,007 million non-cash write-down of the      Company’s newspaper reporting unit goodwill and an $836 million non-cash      write-down of newspaper masthead intangible assets recorded in the second      quarter of 2008. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                | Third      Quarter |   | First      Three Quarters |
|-------------------------------------|--------------------|--------|---------------------------|
| (in      millions)                  | 2008               |   | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues             |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Television                | $                  | 264    |                      | $ | 288 |   | - | 8% |   | $ | 834 |   | $ | 840 |   | - | 1% |
| Radio/entertainment            |               | 119    |                      |   | 118 |   | + | 1% |   |   | 250 |   |   | 242 |   | + | 3% |
| Total      operating revenues  | $                  | 383    |                      | $ | 406 |   | - | 6% |   | $ | 1,084 |   | $ | 1,082 |   |   | — |
|                                |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses             |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Television           | $                  | 211    |                      | $ | 201 |   | + | 5% |   | $ | 638 |   | $ | 597 |   | + | 7% |
| Radio/entertainment(1)         |               | 98     |                      |   | 87 |   | + | 12% |   |   | 134 |   |   | 199 |   | - | 33% |
| Total      operating expenses  | $                  | 309    |                      | $ | 288 |   | + | 7% |   | $ | 771 |   | $ | 795 |   | - | 3% |
|                                |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit               |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Television           | $                  | 53     |                      | $ | 87 |   | - | 39% |   | $ | 197 |   | $ | 243 |   | - | 19% |
| Radio/entertainment(1)    |               | 21     |                      |   | 31 |   | - | 31% |   |   | 116 |   |   | 44 |   |   | * |
| Total      operating profit    | $                  | 74     |                      | $ | 118 |   | - | 37% |   | $ | 313 |   | $ | 287 |   |   | 9% |

| (1)   | Radio/entertainment      operating expenses and operating profit for the first three quarters of      2008 included the gain of $82 million on the sale of the studio production      lot. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                              | Third      Quarter |    | First      Three Quarters |
|---------------------------------------------------|--------------------|---------|---------------------------|
| (in      millions)                                | 2008               |    | 2007                      |   | Change |   | 2008 |   | 2007 |   | Change |
|                                              |               |    |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Compensation                                      | $                  | 159     |                      | $ | 135 |   | + | 18% |   | $ | 393 |   | $ | 346 |   | + | 13% |
| Programming                   |               | 82      |                      |   | 83 |   | - | 1% |   |   | 254 |   |   | 247 |   | + | 3% |
| Depreciation      and amortization           |               | 13      |                      |   | 13 |   |   | — |   |   | 38 |   |   | 38 |   |   | — |
| Other                              |               | 55      |                      |   | 57 |   | - | 5% |   |   | 169 |   |   | 164 |   | + | 3% |
| Gain      on sale of studio production lot assets |               | — |                      |   | — |   |   | — |   |   | (82 | ) |   | — |   |   | * |
| Total      operating expenses           | $                  | 309     |                      | $ | 288 |   | + | 7% |   | $ | 771 |   | $ | 795 |   | - | 3% |

----

----

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|                                                                    |   | Third      Quarter |    |   | First      Three Quarters |   |
|-------------------------------------------------------------------------|--------|--------------------|---------|--------|---------------------------|--------|
| (in      thousands)                                                     |   | 2008               |    |   | 2007                      |   |   | 2008 |   |   | 2007 |   |
|                                                                    |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      revenues                                                 |   | $                  | 32,260  |   |                      | $      | 132,187 |   |   | $ | 258,362 |   |   | $ | 416,925 |   |
|                                                                    |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating      profit (loss)                                            |   | $                  | 4,441   |   |                      | $      | 12,390 |   |   | $ | (410 | ) |   | $ | 46,256 |   |
| Interest      income                                                    |   |               | — |   |                      |   | 3 |   |   |   | 2 |   |   |   | 7 |   |
| Interest      expense                                                   |   |               | (2,454  | )      |                      |   | (11,810 | ) |   |   | (22,186 | ) |   |   | (15,264 | ) |
| Non-operating      loss, net(1)                                         |   |               | — |   |                      |   | — |   |   |   | — |   |   |   | (15,000 | ) |
| Gain      (loss) on dispositions of discontinuedoperations              |   |               | 852     |   |                      |   | (3,067 | ) |   |   | (691,623 | ) |   |   | (20,025 | ) |
| Income      (loss) from discontinued operations beforeincome      taxes |   |               | 2,839   |   |                      |   | (2,484 | ) |   |   | (714,217 | ) |   |   | (4,026 | ) |
| Income      taxes(2)                                                    |   |               | (254    | )      |                      |   | 71,698 |   |   |   | (940 | ) |   |   | 45,287 |   |
| Income      (loss) from discontinued operations, net                    |   |               |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| of      tax                                                             |   | $                  | 2,585   |   |                      | $      | 69,214 |   |   | $ | (715,157 | ) |   | $ | 41,261 |   |

| (1)   | Discontinued      operations for the first three quarters of 2007 included a pretax      non-operating charge of $15 million for a civil forfeiture payment related      to the inquiry by the United States Attorney’s Office for the Eastern      District of New York into the circulation practices of Newsday and Hoy, New      York.  See Note 5 to the consolidated financial statements in      the Company’s Annual Report on Form 10-K for the fiscal year ended Dec.      30, 2007, for further information. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Income      taxes for the first three quarters of 2008 included tax expense of $1      million related to the $691 million pretax loss on the NMG      transaction.  NMG’s net assets included, before the write-down      of these assets to fair value in connection with the transaction,      allocated newspaper reporting unit goodwill of $830 million and a      newspaper masthead intangible asset of $380 million, most of which are not      deductible for income tax purposes.  The Company recorded an      income tax benefit of $72 million related to a pretax loss of $2 million      in the third quarter of 2007 and an income tax benefit of $45 million      related to a pretax loss of $4 million in the first three quarters of      2007.  Due to the Company’s high tax basis in the Recycler      stock, the sale of Recycler generated a significantly higher capital loss      for income tax purposes.  As a result, the Company recorded a      $65 million income tax benefit in the third quarter of 2007, resulting in      an after-tax gain of $64 million on the sale of Recycler.  The      pretax loss in the first three quarters of 2007 also included $48 million      of allocated newspaper group goodwill, most of which is not deductible for      income tax purposes. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Maturities                           | Fixed RateDebt |      | Weighted AvgInterest Rate |   | Variable RateDebt |   | Weighted AvgInterest Rate |   | TotalDebt  |
|--------------------------------------|---------------------|-----------|-------------------------------------|--------|------------------------|--------|-------------------------------------|--------|------------|
| 2008(1)                              | $                   | 216,467   |                                |   | 2.0                    | %      |                                | $      | 24,242     |   |   | 5.8 | % |   | $ | 240,709 |
| 2009(2)                              |                | 3,939     |                                |   | 6.0                    | %      |                                |   | 613,653    |   |   | 5.6 | % |   |   | 617,592 |
| 2010(3)                              |                | 451,825   |                                |   | 4.9                    | %      |                                |   | 353,402    |   |   | 5.2 | % |   |   | 805,227 |
| 2011                                 |                | 2,284     |                                |   | 8.4                    | %      |                                |   | 86,499     |   |   | 5.8 | % |   |   | 88,783 |
| 2012                                 |                | 2,479     |                                |   | 8.5                    | %      |                                |   | 123,449    |   |   | 5.8 | % |   |   | 125,928 |
| Thereafter(4)                        |                | 1,123,976 |                                |   | 4.1                    | %      |                                |   | 8,819,798  |   |   | 6.3 | % |   |   | 9,943,774 |
| Total      at Sept. 28, 2008         | $                   | 1,800,970 |                                |   |                   |   |                                | $      | 10,021,043 |   |   |   |   |   | $ | 11,822,013 |
| Fair      value at Sept. 28, 2008(6) | $                   | 1,098,287 |                                |   |                   |   |                                | $      | 6,332,847  |   |   |   |   |   | $ | 7,431,134 |

----

| (1) | Fixed      rate debt includes $216 million of the Company’s 2% PHONES which      represents the cash exchange value of the PHONES at Sept. 28,      2008.  Variable rate debt      includes $20 million related to the Tranche B facility, which is      payable in quarterly increments of approximately $20 million until      maturity in 2014 when the remaining principal balance is due in full (see      Note 10 to the Company’s unaudited condensed consolidated financial      statements in Part I, Item 1,      hereof). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Variable      rate debt includes a $512 million principal payment due under the Tranche      X facility on June 4, 2009 and $16 million related to an interest rate      swap agreement through 2009 on $750 million of the variable rate      borrowings under the Tranche B facility effectively converting the      variable rate to a fixed rate of 5.25% plus a margin of 300 basis      points. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Variable      rate debt includes $40 million related to an interest rate swap agreement      through 2010 on $1 billion of the variable rate borrowings under the      Tranche B facility effectively converting the variable rate to a fixed      rate of 5.29% plus a margin of 300 basispoints. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)  | Fixed      rate debt includes the remaining $64 million of book value related to      the Company’s 2% PHONES, due 2029.  The Company may redeem the      PHONES at any time for the greater of the principal value of the PHONES      ($155.64 per PHONES at Sept. 28, 2008) or the then market value of two      shares of Time Warner common stock, subject to certain adjustments.      Quarterly interest payments are made to the PHONES holders at an annual      rate of 2% of the initial principal. Fixed rate debt also includes      $31 million related to the interest rate swap agreement on the      $100 million 7.5% debentures due in 2023 effectively converting the      fixed 7.5% rate to a variable rate based on LIBOR.  Fixed rate      debt also includes $238 million related to the Company’s medium-term      notes.  On Oct. 6, 2008, the Company refinanced $168 million of      the remaining medium-term notes with additional borrowings under the      Delayed Draw Facility.  The Company intends to use the Delayed      Draw Facility to refinance the remaining $70 million of its medium-term      notes as they mature during 2008.  Accordingly, the Company has      classified its medium-term notes as long-term at Sept. 28,      2008.  Variable rate debt includes $45 million related to an      interest rate swap agreement through 2012 on $750 million of the variable      rate borrowings under the Tranche B facility effectively converting the      variable rate to a fixed rate of 5.39% plus a margin of 300 basis      points.  Variable rate debt also includes the $1.6 billion      Bridge Facility, which has been classified as long-term because the      borrowings under the Bridge Facility will be exchanged for long-term      senior exchange notes or similar instruments prior to the Bridge      Facility’s initial maturity date of Dec. 20, 2008 (see Note 10 to the      Company’s unaudited consolidated financial statements in Part I, Item 1,      hereof).  Variable rate debt also includes $7.2 billion      related to the amount due in 2014 |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | on      the Tranche B facility after all quarterly payments have been made (see      Note 10 to the Company’s unaudited condensed consolidated financial      statements in Part I, Item 1,      hereof). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Fair      value of the Company’s variable rate borrowings, senior notes and      debentures was estimated based on quoted market prices for similar issues      or on current rates available to the Company for debt of the same      remaining maturities and similar terms.  The carrying value of      all other components of the Company’s debt approximates fair      value. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                            |        Valuation      of InvestmentsAssuming      Indicated Decreasein      Stock’s Price |   |   |   |        Valuation      of InvestmentsAssuming      Indicated Increasein      Stock’s Price |
|-------------------------------------------------|------------------------------------------------------------------------------------------------------|--------|--------|--------|------------------------------------------------------------------------------------------------------|
| (in      thousands)                             | -30%                                                                                                 |   | -20%   |   | -10%                                                                                                 |   |   Sept. 28, 2008Fair Value |   | +10% |   | +20% |   | +30% |
| Common      stock investments inpubliccompanies | $2,151                                                                                               |   | $2,458 |   | $2,765                                                                                               |   | $3,073      (1) |   |        $3,380 |   |        $3,687 |   |        $3,995 |

| (1)   | Excludes      16 million shares of Time Warner common stock.  See discussion      below in “Derivatives and Related Trading  Securities.” |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                         |        Valuation      of InvestmentAssuming      Indicated Decreasein      Stock’s Price |   |     |   |        Valuation      of InvestmentAssuming      Indicated Increasein      Stock’s Price |
|------------------------------|-----------------------------------------------------------------------------------------------------|--------|----------|--------|-----------------------------------------------------------------------------------------------------|
| (in      thousands)          | -30%                                                                                                |   | -20%     |   | -10%                                                                                                |   | Sept.      28, 2008Fair Value |   | +10% |   | +20% |   | +30% |
| Time      Warner commonstock | $159,152                                                                                            |   | $181,888 |   | $204,624                                                                                            |   | $227,360 |   |        $250,096 |   |        $272,832 |   |        $295,568 |   |

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|                                    | TRIBUNE      COMPANY(Registrant) |                                  |
|-----------------------------------------|----------------------------------|---------------------------------------|
|                                    |                             |              |   |
| Date:       November 10, 2008 | By:                              | /s/ Brian      Litman            |   |
|                                    |                             | Brian      Litman                     |   |
|                                    |                             | Vice      President and Controller    |   |
|                                    |                             | (on      behalf of the registrant     |   |
|                                    |                             | and      as Chief Accounting Officer) |   |

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