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SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.           )

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Tribune Company
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April 8, 2005

Dear Shareholder:

You are invited to attend the 2005 Annual Meeting of Shareholders of Tribune Company. The meeting will be held on Wednesday, May 18, 2005, at 11:00 a.m., Central time, at the Swissôtel Chicago, 323 East Wacker Drive, Chicago, Illinois.

At the meeting, we will report on Tribune's 2004 performance and address questions and comments from shareholders. We will also consider the formal items of business described in the accompanying notice and proxy statement.

Since last year's meeting, two members of our Board of Directors have elected to retire. Jack Fuller, President of Tribune Publishing since 1997 and a director since 2001, retired from both positions at the end of 2004, completing a career at Tribune spanning more than 30 years. Patrick G. Ryan, a director since 1997, will retire following the May Board meeting and is not standing for reelection at this year's meeting. We appreciate the dedication and commitment with which Jack and Pat served Tribune and wish them well in their future endeavors.

J. Christopher Reyes joined our Board in March and is standing for election at this year's meeting. Chris is one of the founders and the current chairman of Reyes Holdings, LLC, a leading food and beverage distribution company. We are fortunate to have another talented and experienced executive serving Tribune shareholders.

Regardless of your plans for attending the meeting in person, it is important that your shares be represented at the meeting. Voting your shares by proxy will enable you to vote on the business to be transacted at the meeting whether or not you attend.

We look forward to seeing you at the meeting.

Sincerely,

Dennis J. FitzSimons
Chairman, President and Chief Executive Officer

NOTICE OF THE 2005
ANNUAL MEETING OF SHAREHOLDERS

The 2005 Annual Meeting of Shareholders of Tribune Company will be held at the Swissôtel Chicago, 323 East Wacker Drive, Chicago, Illinois at 11 a.m., Central time, on Wednesday, May 18, 2005, for the purpose of considering and voting on the following matters:

1.

Election of four directors;

2.

Ratification of the selection of PricewaterhouseCoopers LLP as independent public accountants; and

3.

Other matters that may properly come before the meeting.

Only shareholders of record at the close of business on March 23, 2005 are entitled to vote at the meeting or any adjournment thereof. Although an admission ticket is not required, you will be asked to confirm your identity and stock ownership prior to entering the meeting. If you hold your shares through a broker, please bring a copy of a brokerage statement reflecting your stock ownership as of March 23, 2005.

Whether or not you plan to attend the meeting in person, we urge you to vote your shares on the Internet, by telephone or by returning the enclosed proxy card in the envelope provided. The proxy card contains instructions regarding all three methods of voting.

Shareholders will be admitted to the meeting on a first-come, first-served basis. The doors will open, and shareholders will be admitted to the meeting, starting at 10:30 a.m., Central time.

By Order of the Board of Directors,

CRANE H. KENNEY
Senior Vice President, General Counsel
and Secretary

April 8, 2005

WEBCAST OF ANNUAL MEETING
A live Webcast of the meeting will be available at www.tribune.com

TABLE OF CONTENTS

About the Meeting		1
Stock Ownership		4
	Management Ownership	4
	Section 16(a) Beneficial Ownership Reporting Compliance	4
	Principal Shareholders	5
	Related Transactions	5
Corporate Governance		6
	Overview	6
	Director Independence	6
	Communicating with the Board of Directors	8
Board of Directors		9
	Board, Board Committees and Meetings	11
	Director Compensation	13
	Stock Ownership	14
	Certain Relationships and Related Transactions	14
	Compensation Committee Interlocks and Insider Participation	15
Proposals to be Voted Upon		16
	Proposal One—Election of Directors	16
	Proposal Two—Ratification of the Selection of Independent Public Accountants	16
Audit Committee		17
	Report of the Audit Committee	17
	Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Accountants	18
	Fees Paid to Independent Accountants	19
Executive Compensation		20
	Report of the Governance and Compensation Committee	20
	Summary Compensation Table	24
	Option Grants in Last Fiscal Year	25
	Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Option Values	26
	Pension Plan Information	26
	Severance Arrangements	27
Stock Performance Graph		28
Shareholder Proposals and Director Nominations		29
Proxy Solicitation Expenses and Electronic Delivery		29
Annual Report		30
Annex A—Audit Committee Charter		A-1

435 North Michigan Avenue
Chicago, Illinois 60611

PROXY STATEMENT

This proxy statement contains information relating to the 2005 Annual Meeting of Shareholders of Tribune Company to be held at the Swissôtel Chicago, 323 East Wacker Drive, Chicago, Illinois on Wednesday, May 18, 2005 at 11 a.m., Central time, or any adjournment thereof, for the purposes set forth in the accompanying notice. This proxy statement and the accompanying proxy card are being delivered to shareholders on or about April 8, 2005. The Tribune Board of Directors is making this proxy solicitation.

ABOUT THE MEETING

What is the purpose of the annual meeting?

At the annual meeting, shareholders will be asked to vote on the election of directors and the ratification of the selection of PricewaterhouseCoopers LLP to serve as Tribune's independent public accountants for 2005, as outlined in the accompanying notice. In addition, management will report on Tribune's 2004 performance and respond to questions and comments from shareholders.

Shareholders may also be asked to consider other matters that may properly come before the meeting. As of the date of this proxy statement, the Board of Directors is not aware of any other matters that will be presented at the meeting.

Who can attend the meeting?

All shareholders as of the record date, March 23, 2005, or their duly appointed proxies, can attend the meeting. Seating, however, is limited and admission to the meeting will be on a first-come, first-served basis. The doors to the meeting will open at 10:30 a.m., Central time, and admission will begin at that time. Please note that if you hold your shares through a broker, you will not be admitted to the meeting unless you bring a copy of a brokerage statement reflecting your stock ownership as of March 23, 2005.

Who is entitled to vote at the meeting?

All common shareholders of record at the close of business on the record date, March 23, 2005, are entitled to vote at the meeting. On that date there were 317,955,896 shares of Tribune common stock entitled to vote. With regard to all matters submitted to a vote at the meeting, holders of common stock are entitled to one vote per share. Holders of shares of any series of Tribune's preferred stock are not entitled to vote at the meeting.

1

What constitutes a quorum?

The annual meeting will only be held if a quorum is present. The presence, in person or by proxy, of shareholders having a majority of the votes entitled to be cast at the meeting will constitute a quorum to conduct business. Abstentions and broker non-votes are counted as present for establishing a quorum. A broker non-vote occurs when a broker cannot vote on a matter because the broker has not received instructions from the beneficial owner and lacks discretionary voting authority with respect to that matter. At this year's meeting, brokers will have discretionary voting authority with respect to the election of directors and the ratification of the selection of independent public accountants.

How do I vote?

Shareholders of record can vote in person, on the Internet, by telephone or by mail. To vote by mail, complete, sign and date the enclosed proxy card and return it in the enclosed postage-paid envelope. To vote by telephone or on the Internet, follow the instructions on the proxy card. You may specify whether your shares should be voted for all, some or none of the nominees for director and whether your shares should be voted for or against the proposal to ratify the selection of independent public accountants. Your shares will be voted as you indicate. Unless you give other instructions on your proxy card, the persons named as proxy holders on the proxy card will vote your shares in accordance with the Board's recommendations.

You have the right to revoke your proxy at any time before the meeting by:

•

delivering a written notice of revocation to Tribune's corporate secretary;

•

voting in person by ballot at the meeting;

•

returning a later-dated proxy card; or

•

entering a new vote by telephone or on the Internet.

If you hold shares through a broker, your broker will instruct you as to how your shares may be voted by proxy, including whether telephonic or Internet voting options are available, and as to how your proxy may be revoked. If you would like to vote in person at the meeting, you must obtain a proxy from your broker and bring it to the meeting.

How do I vote my shares in Tribune's Employee Benefit Plans?

If you hold shares in a Tribune employee benefit plan, such as the Tribune Company Employee Stock Purchase Plan or a 401(k) savings plan, you are entitled to instruct the appropriate plan trustee or nominee how to vote the shares you hold under these plans. Plan participants may give instructions to the appropriate plan trustee or nominee by mail, by telephone or on the Internet by following the procedures described on the proxy card.

Any participant may revoke or modify such instructions prior to May 16, 2005 by delivering written notice to the trustee or nominee. The trustee or nominee will vote shares under Tribune's employee benefit plans in accordance with instructions that it receives by May 16, 2005. Shares held in a 401(k) savings plan for which no instructions are received by May 16, 2005 will be voted in the same proportion as the shares in each plan for which instructions are received. Shares held in the Employee Stock Purchase Plan for which no instructions are received by May 16, 2005 will not be voted.

2

How many shares are held by Tribune's Employee Benefit Plans?

Computershare Trust Company Inc. is the nominee of the Tribune Company Employee Stock Purchase Plan. Vanguard Fiduciary Trust Company is the trustee of each of Tribune's 401(k) savings plans. As of the record date, March 23, 2005, the following shares were held in these plans:

Tribune Company Employee Stock Purchase Plan	3,370,739	shares
Tribune Company 401(k) Savings Plan	16,633,013	shares
Times Mirror Savings Plus Plan	4,793,402	shares
All other Tribune 401(k) savings plans	135,673	shares

Who will count the vote?

EquiServe Trust Company, N.A., Tribune's transfer agent and registrar, will tabulate the votes and act as inspectors of election.

What vote is required to approve each matter to be voted on?

•

Election of Directors. Directors are elected by a plurality of all votes cast at the meeting. This means that the four nominees receiving the highest number of votes cast will be elected. A properly executed proxy marked "WITHHELD" with respect to the election of one or more directors will not be voted with respect to the director or directors indicated, although it will be counted for purposes of determining whether a quorum is present at the meeting.



•

Other Proposals. The ratification of the selection of PricewaterhouseCoopers LLP to serve as Tribune's independent public accountants for 2005 and the approval of any other matter that may be properly presented at the meeting require the affirmative vote of the holders of a majority of the shares represented in person or by proxy and entitled to vote. A properly executed proxy marked "ABSTAIN" with respect to the ratification of the selection of independent public accountants or the approval of any other matter that may be properly presented at the meeting will not be voted, although it will be counted for purposes of determining whether a quorum is present at the meeting. Accordingly, an abstention will have the same effect as a vote against such matters.

What are the Board's recommendations?

The Board recommends a vote FOR the election of the four nominees for director and FOR the ratification of the selection of PricewaterhouseCoopers LLP to serve as Tribune's independent public accountants for 2005. With respect to any other matter that properly comes before the meeting, the proxy holders will vote as recommended by the Board or, if no recommendation is given, in their own discretion.

3

STOCK OWNERSHIP

Management Ownership

The following table shows the beneficial ownership of Tribune stock by each director, each executive officer named in the summary compensation table and by all directors and executive officers as a group, in each case as of March 15, 2005. Except as otherwise noted, the persons named in the table below have sole voting and investment power with respect to all shares shown as beneficially owned by them.

Name	Shares of Common Stock Beneficially Owned(1)(2)		Options Exercisable within 60 days
Jeffrey Chandler	6,075	(3)	19,200
Dennis J. FitzSimons	484,930	(4)(5)	990,610
Jack Fuller	131,277		503,618
Roger Goodan	12,386	(3)	45,200
Donald C. Grenesko	233,420	(5)	462,905
Enrique Hernandez, Jr.	6,272		15,200
Betsy D. Holden	3,706		7,200
Robert S. Morrison	8,125		11,200
Patrick J. Mullen	13,912	(5)	247,314
William A. Osborn	7,279		11,200
J. Christopher Reyes	10,000		—
Patrick G. Ryan	20,613	(5)(6)	31,200
Scott C. Smith	219,882	(4)(5)	378,394
William Stinehart, Jr.	7,724	(3)(5)	31,700
Dudley S. Taft	85,980	(7)	35,200
Kathryn C. Turner	2,606		7,200
Directors and Executive Officers as a group (21 persons)	1,544,602		4,006,629

(1)

On March 15, 2005, there were 317,456,187 shares of common stock outstanding and entitled to vote. The directors and executive officers as a group beneficially own less than 2%.

(2)

Includes shares of common stock beneficially owned by executive officers under the Tribune Company 401(k) Savings Plan. The executive officers have the right to direct the voting of shares allocated to their accounts.

(3)

Does not include 17,291,360 shares owned by Chandler Trust No. 1 and 19,012,775 shares owned by Chandler Trust No. 2 (see "Principal Shareholders").

(4)

Does not include 37,988,876 shares owned by the Robert R. McCormick Tribune Foundation and 4,300,800 shares owned by the Cantigny Foundation (see "Principal Shareholders").

(5)

Includes shares held by family members or in family trusts, as follows: Mr. FitzSimons, 1,605 shares; Mr. Grenesko, 450 shares; Mr. Mullen, 295 shares; Mr. Ryan, 4,810 shares; Mr. Smith, 800 shares; and Mr. Stinehart, 2,322 shares.

(6)

Includes 4,000 shares held by PGR Holdings, LLC. Mr. Ryan is the majority member of PGR Holdings, LLC.

(7)

Includes 71,209 shares held by Taft Broadcasting Company. Mr. Taft is the sole shareholder of Taft Broadcasting Company.

Section 16(a) Beneficial Ownership Reporting Compliance

Based upon a review of filings with the Securities and Exchange Commission and written representations that no other filings were required to be made, all of Tribune's directors and executive officers complied during fiscal 2004 with the reporting requirements of Section 16(a) of the Securities Exchange Act of 1934.

4

Principal Shareholders

The following table sets forth information with respect to each person or entity who is known to Tribune management to be the beneficial owner of more than 5% of Tribune common stock. Except as otherwise noted, all information is as of March 15, 2005.

	Number of Shares	Percent of Class(1)
Robert R. McCormick Tribune Foundation Cantigny Foundation (2) 435 North Michigan Avenue, Room 770 Chicago, IL 60611	42,289,676	13.32%
The Chandler Trusts (3) 350 West Colorado Boulevard, Suite 230 Pasadena, CA 91105	36,868,761	11.61%
Vanguard Fiduciary Trust Company (4) 500 Admiral Nelson Boulevard Malvern, Pennsylvania 19355	21,998,052	6.93%

(1)

On March 15, 2005, there were 317,456,187 shares of common stock outstanding and entitled to vote.

(2)

The Robert R. McCormick Tribune Foundation owns 37,988,876 shares and the Cantigny Foundation owns 4,300,800 shares. The investment and voting power of each of the Robert R. McCormick Tribune Foundation and the Cantigny Foundation is vested in a board of five directors, consisting of Dennis J. FitzSimons, David D. Hiller, Scott C. Smith and two former Tribune officers. Mr. Hiller was Senior Vice President of Tribune Publishing Company until November 1, 2004, when he was appointed Publisher of the Chicago Tribune.

(3)

The trustees of Chandler Trust No. 1 share voting and investment power with respect to 17,291,360 shares and the trustees of Chandler Trust No. 2 share voting and investment power with respect to 19,012,775 shares. In addition, certain trustees beneficially own shares of common stock, as follows: Gwendolyn Garland Babcock, 2,617 shares; Jeffrey Chandler, 25,275 shares; Camilla Chandler Frost, 427,662 shares; Roger Goodan, 57,586 shares; William Stinehart, Jr., 39,424 shares; and Warren B. Williamson, 12,602 shares (see "Board of Directors—Certain Relationships and Related Transactions").

(4)

Holdings are based upon information contained in a Schedule 13G filed with the Securities and Exchange Commission on February 10, 2005 by Vanguard Fiduciary Trust Company. Vanguard Fiduciary Trust Company is deemed to hold these shares in its fiduciary capacity as trustee of various Tribune employee benefit plans and shares voting and dispositive power over these shares with the plan participants.

Related Transactions

Tribune and its subsidiary, Chicago Tribune Company, lease office space and, together with other Tribune business units, provide services to the Robert R. McCormick Tribune Foundation. During 2004, the Foundation paid $621,000 to Tribune business units for the leased space and services.

5

CORPORATE GOVERNANCE

Overview

Tribune's Board of Directors operates within Board Governance Guidelines, which were first adopted in 2001. The Board Governance Guidelines contain general principles regarding the functions of Tribune's Board of Directors and Board committees, addressing such matters as director qualifications and independence, director and committee responsibilities, Board and Board committee composition, director compensation, executive sessions and annual performance evaluations. Together with Tribune's By-laws and the charters of the Audit Committee and Governance and Compensation Committee, Tribune's Board Governance Guidelines serve as the foundation for Tribune's corporate governance practices.

Tribune's employees and directors must comply with a Code of Business Conduct that was first adopted in 1988. The Code of Business Conduct embodies Tribune's long-standing commitment to high standards of ethical conduct and business practices. Tribune also has in place a Code of Ethics for its CEO and Senior Financial Officers that is designed to promote honest and ethical conduct and full, accurate and timely disclosure in public filings and other communications.

Tribune's corporate governance practice is fully compliant with the rules and requirements of the Securities and Exchange Commission (the "SEC") and the New York Stock Exchange ("NYSE"). The Board continually reviews Tribune's polices to ensure that Tribune's corporate governance practices remain sound.

All of Tribune's current corporate governance documents and policies, including the Board Governance Guidelines, committee charters, Code of Business Conduct and Code of Ethics described above, are available on Tribune's website at www.tribune.com and in print to any shareholder who requests them. Tribune's website also includes links to Tribune's Certificate of Incorporation and By-Laws and various SEC filings (including the CEO and CFO certifications required under the Sarbanes-Oxley Act of 2002 and director and executive officer Section 16 reports). Requests for printed copies of Tribune's corporate governance documents should be directed to our Corporate Relations Department, Tribune Company, 435 North Michigan Avenue, Chicago, Illinois 60611, telephone (800) 757-1694.

Director Independence

Under Tribune's Board Governance Guidelines, the Board must have a majority of independent directors. A director is "independent" under the NYSE listing standards if the Board affirmatively determines that the director has no material relationship with Tribune directly or as a partner, shareholder or officer of an organization that has a relationship with Tribune. The Board has established categorical standards to assist it in determining director independence. According to these standards, a director is not independent if:

•

The director is, or has been within the last three years, an employee of Tribune, or an immediate family member of the director is, or has been within the last three years, an executive officer of Tribune.



•

The director has received, or has an immediate family member who has received, during any twelve-month period within the last three years, more than $100,000 in direct compensation from Tribune, other than director and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is not contingent in any way on continued service).

6

•

The director or an immediate family member is a current partner of a firm that is Tribune's internal or external auditor, the director is a current employee of such a firm, the director has an immediate family member who is a current employee of such a firm and who participates in the firm's audit, assurance or tax compliance (but not tax planning) practice, or the director or an immediate family member was within the last three years (but is no longer) a partner or employee of such firm and personally worked on Tribune's audit within that time.



•

The director or an immediate family member is, or has been within the last three years, employed as an executive officer of another company where any of Tribune's present executive officers at the same time serves or served on that company's compensation committee.



•

The director is a current employee, or an immediate family member is a current executive officer, of a company that has made payments to, or received payments from, Tribune for property or services in an amount which, in any of the last three fiscal years, exceeded the greater of $1 million or 2% of such other company's consolidated gross revenues.



•

The director is a current employee, or an immediate family member is a current executive officer, of a company which was indebted to Tribune, or to which Tribune was indebted, where the total amount of either company's indebtedness to the other, in any of the last three fiscal years, exceeded 5% or more of such other company's total consolidated assets.



•

The director or an immediate family member is a current officer, director or trustee of a charitable organization where Tribune's (or an affiliated charitable foundation's) annual discretionary charitable contributions to the charitable organization, in any of the last three fiscal years, exceeded the greater of $1 million or 5% of such charitable organization's consolidated gross revenues.

Direct or indirect ownership of even a significant amount of Tribune stock by a director who is otherwise independent as a result of the application of the foregoing standards will not, by itself, bar an independence finding as to such director.

The Board has reviewed all significant relationships between each non-management director and Tribune and has affirmatively determined that no non-management director has a material relationship with Tribune directly or as a partner, shareholder or officer of an organization that has a relationship with Tribune. In making this determination, the Board considered the relationships described under "Board of Directors—Certain Relationships and Related Transactions" on page 14 and "Board of Directors—Compensation Committee Interlocks and Insider Participation" on page 15. The Board has determined that these relationships are not material and do not cause any non-management director to be considered not independent under the Board's categorical standards.

7

Communicating with the Board of Directors

The annual meeting provides an opportunity each year for shareholders to ask questions of and communicate directly with members of Tribune's Board of Directors on matters relevant to Tribune. Pursuant to the Board Governance Guidelines, each director is expected to attend the annual meeting. Each of the twelve directors serving at the time of the 2004 annual meeting of shareholders was in attendance.

In addition, shareholders may, at any time, communicate with the Chairman of the Governance and Compensation Committee, or non-management directors as a group, by writing to them at the following address:

Chairman, Governance and Compensation Committee or
Non-Management Directors of the Board of Directors of Tribune Company
c/o Tribune Company
435 North Michigan Avenue
6th Floor
Chicago, Illinois 60611
312-222-4206 (fax)

Copies of written communications received by Tribune at the above address will be provided to the Chairman of the Governance and Compensation Committee or the non-management directors as a group unless they are considered, in the reasonable judgment of the Corporate Secretary, to be improper for submission to the intended recipients. Examples of shareholder communications that would be considered improper for submission include customer complaints, solicitations, communications that do not relate directly or indirectly to Tribune or its businesses or communications that relate to improper or irrelevant topics.

Tribune also maintains a telephone hotline through which investors and employees may submit confidential and anonymous complaints regarding suspected illegal or unethical behavior or other violations of Tribune policy, including complaints regarding accounting or auditing matters and alleged violations of Tribune's Code of Business Conduct. All reports will be reviewed and investigated under the direction of an internal compliance committee comprised of representatives from Tribune's legal, internal audit and human resources departments. Any significant complaints regarding Tribune's accounting, internal accounting controls or auditing matters will be reported to the Audit Committee of the Board of Directors. The telephone number for this hotline is (800) 216-1772.

8

BOARD OF DIRECTORS

The following descriptions of the business experience of our nominees and continuing directors include the principal positions they have held from March 2000 to the date of this proxy statement.

	Jeffrey Chandler President and Chief Executive Officer of Chandler Ranch Co., one of the largest growers of avocados in California, since 1984. Class of 2007. Age: 63. Director since 2000.
	Dennis J. FitzSimons Chairman (since January 2004), Chief Executive Officer (since January 2003), President (since July 2001), Chief Operating Officer (from July 2001 until December 2002) and Executive Vice President (from January 2000 until July 2001) of Tribune Company; President of Tribune Broadcasting Company, a subsidiary of Tribune Company, from May 1997 until January 2003. Class of 2006. Age: 54. Director since 2000.
	Roger Goodan (Nominee) Consultant to Schlumberger Limited, a global technology services company, since December 2001; Vice President of Schlumberger Oilfield Services, a services and technology supplier to the international petroleum industry, from December 2000 until his retirement in December 2001; Executive in operations, engineering and finance positions throughout Schlumberger from 1973 until December 2000. Director of Hydril Company. Age: 59. Director since 2000.
	Enrique Hernandez, Jr. (Nominee) Chairman and Chief Executive Officer of Inter-Con Security Systems, Inc., an international provider of high-end security and facility support services to government, utilities and industrial customers, since 1986; Co-founder and principal partner of Interspan Communications, a television broadcasting company serving Spanish-speaking audiences, since 1998. Director of McDonald's Corporation, Nordstrom, Inc. and Wells Fargo & Company. Age: 49. Director since 2001.

9

	Betsy D. Holden President-Global Marketing and Category Development of Kraft Foods, Inc., a food business unit of Altria Group Inc., since January 2004; Co-Chief Executive Officer of Kraft Foods, Inc. from March 2001 until December 2003; President and Chief Executive Officer of Kraft Foods North America from May 2000 until December 2003; Executive Vice President of Kraft Foods, Inc. from December 1998 until May 2000. Director of Kraft Foods, Inc. Class of 2006. Age: 49. Director since 2002.
	Robert S. Morrison Vice Chairman of PepsiCo, Inc., a processor of packaged foods and beverages, and Chairman of PepsiCo Beverages and Foods North America from August 2001 until his retirement in February 2003; Chairman, President and Chief Executive Officer of The Quaker Oats Company from October 1997 until its merger with PepsiCo in August 2001. Director of 3M Company, Aon Corporation and Illinois Tool Works, Inc. Class of 2006. Age: 63. Director since 2001.
	William A. Osborn Chairman and Chief Executive Officer of Northern Trust Corporation, a multibank holding company, and its principal subsidiary, The Northern Trust Company, since October 1995. Director of Caterpillar Inc., Nicor Inc. and Northern Trust Corporation, and a Class A Director of the Federal Reserve Bank of Chicago. Class of 2007. Age: 57. Director since 2001.
	J. Christopher Reyes (Nominee) Chairman of Reyes Holdings, LLC, a food and beverage distribution company, since 1997. Director of The Allstate Corporation, Fortune Brands, Inc. and Wintrust Financial Corporation. Age 51. Director since March 2005.

10

	William Stinehart, Jr. Partner in the law firm of Gibson, Dunn & Crutcher LLP from 1977 until his retirement in December 2004. Class of 2006. Age: 61. Director since 2000.
	Dudley S. Taft (Nominee) President and Director of Taft Broadcasting Company, an investor in media and entertainment companies, since 1987. Director of CINergy Corp., Fifth Third Bancorp and The Union Central Life Insurance Company. Age: 64. Director since 1996.
	Kathryn C. Turner Chairperson and Chief Executive Officer of Standard Technology, Inc., a healthcare, benefits and technology consulting firm, since 1985. Director of Carpenter Technology Corporation, ConocoPhillips and Schering-Plough Corporation. Class of 2007. Age: 57. Director since 2002.

Board, Board Committees and Meetings

The Board has standing Audit, Governance and Compensation, Executive and Finance Committees. The Governance and Compensation Committee also performs the functions of a nominating committee. The Board held six meetings during 2004. Under Tribune's Board Governance Guidelines, directors are expected to attend all Board meetings and all meetings of committees on which they serve. Each director attended more than 75% of the total number of meetings of the Board and its committees on which he or she served during 2004.

In addition, Tribune's independent directors meet in executive sessions without management on a regularly scheduled basis and as they otherwise deem appropriate. The chairman of the Governance and Compensation Committee presides at these sessions. The independent directors met in two executive sessions in 2004.

11

Audit Committee

The function of the Audit Committee includes reviewing and monitoring Tribune's financial reporting and accounting practices and internal controls, as more fully described in the Report of the Audit Committee on page 17. The Audit Committee operates under a written charter that was initially adopted by the Board in February 2000 and is annually reviewed by the Audit Committee. The current charter is attached as Annex A to this proxy statement and is also available on Tribune's website at www.tribune.com.

Betsy D. Holden, William A. Osborn (chairman), Dudley S. Taft and Kathryn C. Turner currently serve on the Audit Committee. The Board has determined that all members of the Audit Committee are independent within the meaning of the NYSE listing standards and satisfy the NYSE's financial literacy and financial management or expertise criteria. In addition, the Board has determined that each of Ms. Holden, Mr. Osborn and Mr. Taft is an "audit committee financial expert" as defined in applicable securities laws, rules and regulations. The Audit Committee met eleven times in 2004.

Governance and Compensation Committee

The function of the Governance and Compensation Committee includes reviewing the compensation of Tribune's chief executive officer, consulting with the chief executive officer with respect to the compensation of other Tribune executives and key employees and administering and determining awards under Tribune's incentive compensation and other employee benefit plans. This committee also has other responsibilities relating to corporate governance, including studying Board size and composition and committee structure and membership.

This committee also serves as Tribune's nominating committee for all directors other than those nominated by the Chandler Trusts (See "Certain Relationships and Related Transactions" on page 14), and in that capacity identifies and proposes Board candidates. In performing this function, the Governance and Compensation Committee seeks nominees from diverse professional backgrounds who combine a broad spectrum of experience and expertise with a reputation for integrity. Directors should have experience in positions with a high degree of responsibility, be leaders in the organizations with which they are affiliated, be selected based upon contributions they can make to the Board and management and be free from relationships or conflicts of interest that could interfere with the director's duties to Tribune and its shareholders. The committee also considers the independence of the candidates in order to ensure that Tribune's Board satisfies applicable independence criteria. Although the committee considers the views of Tribune's chief executive officer, it makes its own determination as to whether the candidates under consideration satisfy the above director qualifications and are otherwise suitable director candidates. The committee will also consider director candidates recommended by shareholders, who will be evaluated using the same criteria applied to other director candidates.

The Governance and Compensation Committee operates under a written charter that was initially adopted by the Board in May 2003 and is annually reviewed by the Governance and Compensation Committee. The current charter is available on Tribune's website at www.tribune.com.

Roger Goodan, Enrique Hernandez, Jr., Robert S. Morrison and Patrick G. Ryan (chairman) currently serve on the Governance and Compensation Committee. The Board has determined that all members of Governance and Compensation Committee are independent within the meaning of the NYSE listing standards. The Governance and Compensation Committee met three times in 2004.

Executive Committee

The Executive Committee exercises the authority of the Board on such matters as are delegated to it by the Board from time to time and exercises the authority of the Board between meetings. Dennis J.

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FitzSimons (chairman), William A. Osborn, Patrick G. Ryan and William Stinehart, Jr. currently serve on the Executive Committee. The Executive Committee did not meet in 2004.

Finance Committee

The function of the Finance Committee includes reviewing with management the capital needs of Tribune and its subsidiaries and providing consultation on major borrowings, proposed issuances of debt and equity securities and other financing transactions. Jeffrey Chandler, Betsy D. Holden, William A. Osborn, William Stinehart, Jr. (chairman), Dudley S. Taft and Kathryn C. Turner currently serve on the Finance Committee. The Finance Committee met twice in 2004.

Director Compensation

Tribune's director compensation program is designed to enable Tribune to attract and retain highly qualified individuals to serve as directors. Each non-management director is compensated through a combination of cash and stock-based awards, and may also be compensated for Board committee service. Although directors do not receive fees for attending Board or committee meetings, they are reimbursed for travel expenses incurred in attending meetings. Directors who are Tribune employees are not compensated for their service as directors.

In 2004, each non-management director received a compensation package consisting of a $35,000 cash retainer, a $50,000 stock award and 3,200 stock options. The exercise price for these stock options is $46.60, the fair market value of Tribune common stock on May 12, 2004, the date the stock awards and stock options were granted. In light of significant responsibilities imposed on members of the Board committees, the chairmen of the Audit Committee and the Governance and Compensation Committee received an additional $15,000 cash retainer and the chairman of the Finance Committee and all Audit Committee members received an additional $6,000 cash retainer.

Each option awarded to a non-management director in May 2004 was granted for a term of ten years and became exercisable six months and one day after the date it was awarded. Options are not transferable, other than by will or by the laws of descent and distribution. If a director leaves the Board for any reason, any options that were then exercisable may be exercised by the earlier of the tenth anniversary of the date of grant or the third anniversary of the date of the director's departure.

In the event of a change in control of Tribune, all director options become immediately exercisable. A "change in control" occurs upon:

•

the acquisition, other than from Tribune, by a person, entity or group of 20% or more of the combined voting power of Tribune's outstanding voting securities;



•

a change in the composition of the Board whereby the incumbent directors cease to constitute at least a majority of the Board without the approval of the Board; or



•

the consummation of a merger or reorganization of Tribune where the shareholders of Tribune prior to the merger or reorganization do not own more than 50% of the reorganized company.

Directors may defer receipt of all or a portion of their stock awards and cash retainers. Directors who elect to defer amounts are credited with dividend or other deemed income, based on investment alternatives they select. Payment of deferred account balances will be made in one or more installments as elected by participating directors upon termination of Board service.

In 2005, each non-management director will receive a $75,000 cash retainer and a $75,000 stock award, but no stock options. Directors will continue to be compensated for serving as Board committee chairs or Audit Committee members in the same manner and at the same levels as they were compensated in 2004.

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Stock Ownership

The Board encourages outside directors to own Tribune common stock to further align their interests with those of Tribune's shareholders. Accordingly, directors are not permitted to transfer the shares of Tribune common stock they receive as stock awards until after they retire from Board service.

Certain Relationships and Related Transactions

Jack Fuller Consulting Agreement. Jack Fuller retired as President of Tribune Publishing Company and as a member of the Board in December 2004. In connection with his retirement, Tribune entered into a consulting agreement with Mr. Fuller on December 20, 2004. The agreement commenced January 1, 2005 and will end December 31, 2005, and may be terminated in the event of Mr. Fuller's death, incapacity or improper conduct. The agreement obligates Mr. Fuller to provide consulting services to Tribune with respect to publishing operations, strategy matters and other mutually agreeable projects on an as-needed basis. The agreement also restricts Mr. Fuller from competing with Tribune during the term and from using or disclosing confidential information concerning Tribune during and after the term. In consideration for his services and commitments, Tribune is paying Mr. Fuller a monthly retainer of $51,500. Tribune also reimburses Mr. Fuller for reasonable travel and other business expenses and provides Mr. Fuller with computer access and office space. The Governance and Compensation Committee approved Mr. Fuller's consulting agreement.

Chandler Trusts. Three members of the Board, Jeffrey Chandler, Roger Goodan and William Stinehart, Jr., are trustees of two trusts known as the "Chandler Trusts." Mr. Chandler and Mr. Goodan are also beneficiaries of these trusts. The Chandler Trusts were the principal shareholders of The Times Mirror Company prior to the merger of Times Mirror into Tribune on June 12, 2000. In connection with the merger, the Chandler Trusts exchanged their Times Mirror common stock for 36,304,135 shares of Tribune common stock and Tribune amended its by-laws to grant the Chandler Trusts the right to nominate three directors, one for each class of Tribune's Board of Directors. The Chandler Trusts' nominating rights will end on the earlier of the termination of the trusts or the sale of 15% or more of the shares of Tribune common stock they received at the time of the merger. As long as the Chandler Trusts have these rights, neither the Board of Directors nor any Board committee may nominate any person in opposition to the three Chandler Trust nominees. Jeffrey Chandler, Roger Goodan and William Stinehart, Jr. were the Chandler Trusts' initial nominees and became directors of Tribune following the merger. Mr. Chandler and Mr. Goodan are cousins (see "Stock Ownership—Principal Shareholders").

In 1997, the Chandler Trusts and Times Mirror entered into a transaction which, through the formation of a limited liability company, enabled Times Mirror to retire for accounting purposes a substantial block of Times Mirror stock. Times Mirror and its affiliates contributed to the limited liability company real property used in Times Mirror's business operations and cash and the Chandler Trusts contributed Times Mirror stock. Times Mirror leased back the real property under long-term leases. Upon completion of the merger of Times Mirror into Tribune, Tribune assumed these leases and the Times Mirror stock held by the limited liability company was converted into Tribune stock. In 2004, $19,333,000 of lease payments and $4,741,000 in dividends received on the Tribune stock held by this limited liability company were allocated to the Chandler Trusts.

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In 1999, the Chandler Trusts and Times Mirror entered into a similar transaction that again enabled Times Mirror to retire for accounting purposes a substantial block of stock. Times Mirror's contribution to the limited liability company formed through this transaction consisted of cash and securities. The Chandler Trusts again contributed Times Mirror stock that was converted into Tribune stock upon completion of the merger of Times Mirror into Tribune. In 2004, $7,762,000 in dividends received on the Tribune stock held by this limited liability company were allocated to the Chandler Trusts.

Northern Trust Corporation. William A. Osborn is Chairman and Chief Executive Officer of Northern Trust Corporation. In 2004, Tribune and certain of its employee benefit plans paid Northern Trust Corporation and its subsidiaries $896,000 for trust and custody services, cash management and related services, and bank credit facility fees. This amount represents less than 0.04% of Northern Trust Corporation's total revenue in 2004.

Gibson, Dunn & Crutcher LLP. Mr. Stinehart was a partner in the law firm of Gibson, Dunn & Crutcher LLP until his retirement in December 2004. Gibson, Dunn & Crutcher LLP was external corporate counsel to Times Mirror and has provided legal services to Tribune since the merger. In consideration for legal services provided in 2004, Tribune paid $178,000 to Gibson, Dunn & Crutcher LLP. This amount represents less than 0.03% of Gibson, Dunn & Crutcher LLP's total revenue in 2004.

Compensation Committee Interlocks and Insider Participation

Roger Goodan, Enrique Hernandez, Jr., Robert S. Morrison and Patrick G. Ryan (chairman) served as members of the Governance and Compensation Committee during the fiscal year ended December 26, 2004. Mr. Ryan is Chairman and Chief Executive Officer of Aon Corporation. Aon Corporation and its subsidiaries received brokerage commissions and fees in 2004 of $930,000 for obtaining insurance for and providing related services to Tribune and its subsidiaries. This amount represents less than 0.01% of Aon Corporation's total revenue in 2004.

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PROPOSALS TO BE VOTED UPON

PROPOSAL ONE—ELECTION OF DIRECTORS

The Board currently consists of twelve members and is divided into three classes. Directors for each class are elected at the annual meeting held in the year in which the term for their class expires. Four directors will be elected at this year's annual meeting for terms expiring at the 2008 annual meeting. The nominees receiving the highest number of votes cast at the meeting will be elected.

Patrick G. Ryan, a director whose term expires at this year's meeting, has decided not to stand for reelection to the Board. Mr. Ryan's decision was based on personal reasons and did not result from any disagreement with the Board, Tribune's management or its independent public accountants.

In March, J. Christopher Reyes joined the Board and was designated by the Board's Governance and Compensation Committee as a member of the class of directors standing for election at this year's meeting. Mr. Reyes was known to, and recommended to the Governance and Compensation Committee by, several members of the Board, including Messrs. Morrison, Osborn, Ryan and FitzSimons. The Board of Directors unanimously approved the Governance and Compensation Committee's nomination of Mr. Reyes to the Board and its recommendation to nominate him as a candidate for election at this year's annual meeting.

Unless contrary instructions are given, all proxies will be voted for the election of Roger Goodan, Enrique Hernandez, Jr., J. Christopher Reyes and Dudley S. Taft to hold office until the 2008 annual meeting. Information regarding each of the nominees and the other directors continuing in office is set forth on pages 9-15.

Each of the nominees is an incumbent director. If any of the nominees becomes unavailable for election, an event that is not now anticipated, proxy holders will vote for the election of a substitute nominee as may be selected by the Board.

The Board recommends a vote FOR the election of Roger Goodan, Enrique Hernandez, Jr., J. Christopher Reyes and Dudley S. Taft as Tribune directors.

PROPOSAL TWO—RATIFICATION OF THE SELECTION OF INDEPENDENT PUBLIC ACCOUNTANTS

The Audit Committee has selected PricewaterhouseCoopers LLP to serve as Tribune's independent public accountants for the 2005 fiscal year. Representatives of PricewaterhouseCoopers LLP will be present at this year's annual meeting and will be available to respond to appropriate questions and to make a statement if they desire to do so.

The Board and the Audit Committee recommend a vote FOR ratification of the selection of PricewaterhouseCoopers LLP as Tribune's independent public accountants.

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AUDIT COMMITTEE

Report of the Audit Committee

The Audit Committee is responsible for reviewing and monitoring Tribune's financial reporting and accounting practices. The Audit Committee also assesses the qualifications and independence of Tribune's independent accountants, the performance of Tribune's internal auditors and independent accountants, and Tribune's compliance with legal and regulatory requirements. In performing its duties, the Audit Committee meets regularly with representatives of Tribune's management, internal auditors, legal counsel and independent accountants. The Audit Committee also reviews with Tribune's internal auditors and independent accountants the overall scope and plans for their respective audits. The independent accountants report directly to the Audit Committee and both the internal auditors and independent accountants have direct access to the Audit Committee.

Management is responsible for the preparation, integrity and fair presentation of Tribune's consolidated financial statements and related financial information. Management is also responsible for establishing, maintaining and assessing a system of internal controls designed to provide reasonable assurance to Tribune's management and the Board regarding the preparation of reliable published financial statements. In fulfilling its responsibilities, the Audit Committee reviewed and discussed with management Tribune's audited consolidated financial statements and the report of management on internal controls over financial reporting for the fiscal year ended December 26, 2004. The Audit Committee also discussed with management the quality, not just the acceptability, of Tribune's financial reporting and accounting practices.

The independent accountants are responsible for expressing an opinion on the conformity of the audited consolidated financial statements with accounting principles generally accepted in the United States of America. The independent accountants are also responsible for expressing an opinion on the effectiveness of Tribune's internal controls over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States) and for issuing a report thereon. The Audit Committee discussed with the internal auditors and independent accountants the results of their examinations and their evaluations of Tribune's internal controls over financial reporting. The Audit Committee also reviewed with the independent accountants their judgments as to the quality, not just the acceptability, of Tribune's financial reporting and discussed the matters described in Statement on Auditing Standards No. 61, as amended, "Communication with Audit Committees." In addition, the Audit Committee discussed with the independent accountants their independence from management and Tribune, and reviewed the accountants' written disclosures required by Independence Standards Board Standard No. 1, "Independence Discussions with Audit Committees."

In addition to conducting the integrated audit of Tribune's consolidated financial statements and internal controls over financial reporting, the independent accountants provided other permissible non-audit related services to Tribune during fiscal year 2004. The Audit Committee reviewed the permissible non-audit services provided by the independent accountants and determined that the provision of these services is compatible with the maintenance of their independence from management and Tribune. The Audit Committee must preapprove all audit and permissible non-audit services to be performed by the independent accountants, subject to certain de minimis exceptions for permissible non-audit services that are approved by the Audit Committee prior to the completion of the audit. The Audit Committee also reviews with Tribune's chief executive officer and chief financial officer the processes by which such officers make certifications required by the Sarbanes-Oxley Act of 2002.

The Board accepted the Audit Committee's recommendation that the audited consolidated financial statements for the fiscal year ended December 26, 2004 be included in the Annual Report on Form 10-K for filing with the Securities and Exchange Commission.

Betsy D. Holden
William A. Osborn, Chairman
Dudley S. Taft
Kathryn C. Turner

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Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Accountants

The Audit Committee has responsibility for appointing, setting fees, and overseeing the work of the independent accountants. In recognition of this responsibility, the Audit Committee has established a policy to pre-approve all audit and permissible non-audit services provided by the independent accountants, subject to de minimis exceptions for non-audit services that are approved by the Audit Committee prior to the completion of the audit.

On an ongoing basis, management defines and communicates specific projects and categories of service for which the advance approval of the Audit Committee is requested. The Audit Committee reviews these requests and advises management if it approves the engagement of PricewaterhouseCoopers LLP. The projects and categories of service that the Audit Committee pre-approves are as follows:

Audit Services. Audit services include work performed in connection with the audit of consolidated financial statements, as well as work that is normally provided by the independent accountants in connection with statutory and regulatory filings or engagements. These services include work performed in connection with the audit of internal controls over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002.

Audit Related Services. These services are for assurance and related services that are traditionally performed by the independent accountants and that are reasonably related to the work performed in connection with the audit, including due diligence related to mergers and acquisitions, employee benefit plan audits, and audits of subsidiaries and affiliates.

Tax Services. These services are related to tax compliance, tax advice and tax planning.

Other Services. These services include all other permissible non-audit services provided by the independent accountants and are pre-approved on an engagement-by-engagement basis.

Prior to the engagement of the independent accountants, the Audit Committee pre-approves these services by category of service. The fees are budgeted and the Audit Committee requires the independent accountants and management to report actual fees versus the budget periodically throughout the year by category of service. During the year, circumstances may arise when it may become necessary to engage the independent accountants for additional services not contemplated in the original pre-approval. In those instances, the Audit Committee pre-approves the services before engaging the independent accountants.

The Audit Committee has delegated pre-approval authority to the chair of the committee. The chair must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

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Fees Paid to Independent Accountants

The fees for all services provided by the independent accountants for the fiscal years ended December 26, 2004 and December 28, 2003 are shown below (in thousands):

			2004		2003
Audit Fees (1)			$	2,710	$	1,030
Audit Related Fees (2)				456		448
Tax Fees (3)				47		174
All Other Fees
	Employee benefit plan filings			184		187
	Software license fee (4)			2		2
		Total all services	$	3,399	$	1,841

(1)

Fees for the audit of Tribune's annual consolidated financial statements and review of Forms 10-Q. 2004 also includes fees related to the audit of Tribune's internal controls over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002.

(2)

Includes audits of Tribune's employee benefit plans and audits of certain Tribune affiliates. 2003 also includes assistance with Tribune's reviews of internal controls over financial reporting in preparation for management reporting under Section 404 of the Sarbanes-Oxley Act of 2002.

(3)

Includes fees related to the preparation of tax returns for certain Tribune affiliates. 2003 also includes fees for services related to federal and state income tax audits.

(4)

License fee for accounting research software. In 2003, the de minimis exception was used for these fees. They represented approximately 1% of "All Other Fees" in 2003.

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EXECUTIVE COMPENSATION

Report of the Governance and Compensation Committee

Overview

Tribune seeks to offer compensation that will attract and retain top-quality management employees and that reflects competitive conditions in the lines of business and geographic areas in which Tribune operates. Elements of compensation are designed to reflect the performance of Tribune as a whole and the individual performance of the employee. The compensation for Tribune's executives and other key employees in 2004 consisted of salary, an annual incentive bonus, stock options and other benefits.

Tribune executives and other key employees are eligible to receive annual incentive bonuses and stock options pursuant to the Tribune Company Incentive Compensation Plan (the "Incentive Plan"). The Incentive Plan is designed to reward performance, ensure competitive compensation and motivate Tribune executives and other key employees to act in the long-term best interests of Tribune and its shareholders by tying their compensation to Tribune's growth and success.

The Governance and Compensation Committee (the "Committee") reviews the compensation of all executives and other key employees annually and at the time of promotions. Upon completion of all compensation reviews, the Committee reports its determinations to the full Board of Directors. The annual reviews typically occur in connection with the February Committee meeting, with any salary increases becoming effective, and incentive bonuses being paid, by the end of February. Stock option grants are typically made annually on the day of the February Committee meeting and the exercise price of these stock options is Tribune's closing stock price on that date.

In 2004, Tribune shareholders approved amendments to the Incentive Plan that expanded the types of equity compensation awards that may be granted under the plan to include stock appreciation rights, restricted stock, unrestricted stock and restricted stock units. Although none of these new types of awards were granted in 2004, the Committee may adjust the structure of the compensation package offered to Tribune's executives and other key employees in future years to reflect current and changing market practices.

Salaries

Salary levels for executive positions are set in a manner that reflects the duties and level of responsibilities inherent in the positions. In evaluating the salary level for a given position, the Committee considers compensation surveys prepared by independent outside organizations that compare salaries paid by other companies to executives in that position. These surveys incorporate compensation information from over 100 media companies, including many with market capitalizations similar to Tribune. These surveys cover more companies than are included in the indices used in the stock performance graph on page 28. The Committee sets the salaries of executives and other key employees within the range of accepted practice but does not target a specific percentile range within the comparative groups described in the compensation surveys. The particular qualifications of the individual holding the position and his or her level of experience are also considered in establishing a salary level.

The Committee also reviews comparative surveys of salary information for comparable positions in connection with annual salary reviews and promotions. The sources of the data used by the Committee vary from individual to individual based on the availability of comparable information for each position. The primary criteria influencing salary adjustments are performance, contribution of the individual to Tribune and market competitiveness. Salary changes reflect Tribune's performance to the extent that the performance is considered in establishing the salary guidelines applicable for all salaried employees during the current year. In February 2004 and February 2005, the Committee continued its practice of modestly increasing the salaries of Tribune's executives and other key employees on an annual basis.

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In January 2004, Dennis J. FitzSimons was named Tribune's Chairman and began serving in his current position as Tribune's Chairman, President and Chief Executive Officer. Commensurate with his new responsibilities, in February 2004, the Committee increased the salary of Mr. FitzSimons from $875,000 to $925,000. In February 2005, the Committee increased Mr. FitzSimons' salary by 3%, to $955,000. This rate of increase was consistent with Tribune's overall merit increase guidelines for salaried employees.

Annual Management Incentive Plan Bonuses

Tribune's annual management incentive plan provides executives and other key employees the opportunity to earn an annual incentive bonus based on their performance and the financial performance of their business unit or group or of Tribune as a whole. For 2004, the Committee determined that operating cash flow, which is a measurement of Tribune's earnings subject to adjustments for extraordinary items, and equity income would be used as the financial performance measures for determining annual management incentive plan bonuses. Management incentive plan bonuses for corporate executives, including Mr. FitzSimons, were based on the achievement of consolidated goals, while management incentive plan bonuses for publishing and broadcasting executives were based on achievement of the goals for their respective business unit or group.

The Committee also established target bonus levels, stated as a percentage of year-end salary, for each executive and other key employee, based on his or her level of responsibility. The aggregate of all annual incentive bonuses awarded to executives and other key employees within a specific business unit or group is generally established by multiplying the target bonuses for all participants within that business unit or group by the level of performance toward the established operating cash flow and equity income goals. The Committee may also consider an executive's individual performance in determining the amount of his or her management incentive plan bonus.

In considering bonuses for each of Tribune's executives and key employees other than Mr. FitzSimons, the Committee receives a performance assessment from Mr. FitzSimons. In assessing the performance of Mr. FitzSimons, the Committee meets privately with Tribune's other outside directors. For 2004, the Committee awarded Mr. FitzSimons a bonus of $260,000. This bonus was calculated based upon Tribune's achievement of the operating cash flow and equity income goals established by the Committee and Mr. FitzSimons' individual performance in 2004.

Stock Options

Tribune for many years has used stock options as long-term incentives for executives and other key employees and the Committee continues to believe that stock options are an important component of executive compensation. However, in response to evolving compensation practices, in each of the past three years management has recommended, and the Committee has approved, a reduction in the total number of options granted by Tribune. The total number of options granted by Tribune in February 2004 was 39% lower than the total number granted in February 2003 and 44% lower than the total number granted in February 2002. In February 2005, the total number of options granted to Tribune's executives and other key employees was reduced by an additional 6%.

Stock options directly relate the amounts earned by the executives and other key employees to the amount of appreciation realized by Tribune shareholders over comparable periods. Stock options also provide executives and other key employees with the opportunity to acquire and build an ownership interest in Tribune. The Incentive Plan provides for a term of up to ten years for stock options. Option grants under the Incentive Plan generally vest in equal annual installments over a period of four years from the grant date. The stock options awarded in February 2005 and February 2004 were for eight-year terms, two years shorter than the ten-year terms of the stock options awarded in prior years. The Committee has the ability to modify both the term and vesting schedule for new stock option grants.

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The Committee awards stock options to compensate and retain those executives and other key employees who have shown leadership in growing Tribune's revenues or have otherwise exhibited outstanding individual performance. In February 2004, the Committee awarded Mr. FitzSimons a nonqualified stock option to purchase 200,000 shares at $52.05, the fair market value of Tribune's common stock on the grant date. In February 2005, the Committee awarded Mr. FitzSimons a nonqualified stock option to purchase 200,000 shares at the fair market value of Tribune's common stock on the grant date, which was $40.59. Mr. FitzSimons' 2004 and 2005 stock option awards were lower than the awards granted to Tribune's Chief Executive Officer in prior years.

To encourage stock ownership by executives and other key employees, replacement stock options ("replacement options") may be granted simultaneously with the exercise of existing stock options. Replacement options are intended to encourage executives and other key employees to exercise a stock option earlier than might otherwise occur, thus resulting in increased share ownership. Replacement options may be granted when an executive or other key employee exercises an option by surrendering currently owned shares to purchase the shares subject to the option as well as to satisfy related tax withholding obligations. Replacement options will only be granted if at the time of exercise the closing price of Tribune stock exceeds the option exercise price by a predetermined amount. Replacement options are subject to the same terms and conditions as the original options, including the expiration date, except that the option price of a replacement option is the fair market value on the date of its grant rather than the option price of the original option and replacement options do not become exercisable until one year after grant. The grant of replacement options does not result in an increase in the total combined number of shares and options held by an employee. As shown in the table on page 25, Mr. FitzSimons received replacement options during 2004.

The stock options awarded in February 2004 and February 2005 to Tribune's executives and other key employees, including Mr. FitzSimons and the other executives named in the Summary Compensation Table, did not include a replacement option feature. Effective January 2005, the terms of options previously granted to Tribune's largest option recipients, including Mr. FitzSimons and the other executives named in the summary compensation table on page 24, were amended to increase the stock appreciation requirement from 25% to 50% so that replacement options will not be granted upon exercise of existing options unless the closing stock price on the date of exercise exceeds the option exercise price by at least 50%. In establishing the terms of future option awards, including whether they will be granted with a replacement option feature, the Committee will assess existing market practices regarding equity-based compensation.

Other Benefits

Executives and other key employees participate in various health, life, disability and retirement benefit programs that are generally made available to all salaried employees, some of which provide them with the opportunity to acquire Tribune stock. Tribune also maintains a supplemental defined contribution plan for employees who earn salaries in excess of the limit imposed by the Internal Revenue Code, to replace contributions that would otherwise be lost by the imposition of such limit. Executives and other key employees also receive certain traditional benefits and perquisites that are customary for their positions.

Stock Ownership Guidelines

The Committee believes that stock ownership guidelines for Tribune's executives and other key employees have the positive effect of further aligning their interests with those of Tribune's shareholders. The guidelines generally range from a high of ten times annual salary in the case of Mr. FitzSimons to two times annual salary. Individuals are expected to achieve the suggested ownership level over a six-year period in annual increments. Shares held in Tribune benefit plans are counted in satisfying the guidelines but unexercised stock options are not counted. All of the executives named in the summary compensation table have achieved their suggested stock ownership levels. For 2004, the stock ownership guidelines applied to approximately 144 individuals.

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Tax Deductibility of Executive Compensation

Section 162(m) of the Internal Revenue Code imposes a $1 million limit on the tax deduction for certain executive compensation payments. Performance-based compensation meeting specified requirements is exempt from this deduction limit. In 2004, the Committee granted performance-based compensation awards pursuant to the Incentive Plan that were not subject to the deduction limit. The Committee intends to continue to grant these awards pursuant to the Incentive Plan to the extent that they are consistent with corporate performance objectives.

Roger Goodan
Enrique Hernandez, Jr.
Robert S. Morrison
Patrick G. Ryan, Chairman

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Summary Compensation Table

		Annual Compensation						Long-Term Compensation
Name and Principal Position in Fiscal Year 2004(1)	Year	Salary(2)		Bonus		Other(3)		Securities Underlying Options(4)	All Other Compensation(5)
Dennis J. FitzSimons Chairman, President and Chief Executive Officer	2004 2003 2002	$	917,308 850,000 713,365	$	260,000 1,200,000 885,000	$	80,053 47,587 91,805	455,637 442,889 402,273	$	82,557 113,064 161,673
Jack Fuller President, Tribune Publishing Company	2004 2003 2002		615,231 591,723 546,865		— 460,000 460,000		35,292 19,849 28,042	160,564 201,706 262,012		55,371 80,012 72,971
Patrick J. Mullen President, Tribune Broadcasting Company	2004 2003 2002		515,615 460,385 380,461		175,000 330,000 300,000		47,734 29,756 14,000	80,374 94,672 76,517		83,296 61,996 49,194
Donald C. Grenesko Senior Vice President/ Finance and Administration	2004 2003 2002		504,769 462,877 451,749		125,000 305,000 350,000		14,535 17,182 14,908	188,466 175,097 161,976		45,429 62,581 58,292
Scott C. Smith Chief Operating Officer, Tribune Publishing Company	2004 2003 2002		445,115 420,062 409,898		235,000 250,000 275,000		22,045 33,526 24,210	139,777 146,094 208,253		40,061 57,210 53,660

(1)

Jack Fuller retired as President of Tribune Publishing Company in December 2004 (See "Board of Directors—Certain Relationships and Related Transactions"). Scott C. Smith was appointed President of Tribune Publishing Company in January 2005. Mr. Smith served as Chief Operating Officer of Tribune Publishing Company from November 1, 2004 until December 31, 2004 and as Publisher of the Chicago Tribune from 1997 until October 31, 2004.

(2)

Amounts represent base salary for 52 weeks for each fiscal year.

(3)

The amounts reported in this column consist of reimbursements for the payment of taxes and perquisites. For fiscal year 2004, perquisites for these executives included: (i) a $14,000 automobile allowance; (ii) personal financial counseling, as follows: Mr. FitzSimons, $16,809; Mr. Fuller, $11,217; Mr. Mullen, $4,405; Mr. Grenesko, $309; and Mr. Smith, $1,182; and (iii) with respect to Mr. FitzSimons, $17,904 for personal use of Tribune's airplane. Mr. FitzSimons is required to use Tribune's airplane for both business and personal travel pursuant to an executive security policy recommended by an independent security expert. Under Internal Revenue Service regulations, Mr. FitzSimons' personal use of the airplane is valued at two times the Standard Industry Fare Level rates, as published by the Internal Revenue Service.

(4)

Amounts represent new options and replacement options to purchase shares of common stock granted during fiscal years 2004, 2003 and 2002. New options granted in fiscal years 2004, 2003 and 2002 were as follows: Mr. FitzSimons, 200,000, 275,000 and 250,000, respectively; Mr. Fuller, 100,000, 130,000 and 130,000, respectively; Mr. Mullen, 65,000, 85,000 and 70,000, respectively; Mr. Grenesko, 60,000, 85,000 and 85,000, respectively; and Mr. Smith, 42,000, 70,000 and 70,000, respectively.

(5)

The amounts reported in this column for fiscal year 2004 consist of: (i) company contributions of $18,450 credited to each executive under the Tribune Company 401(k) Savings Plan, a qualified defined contribution plan; (ii) company contributions credited to each executive under Tribune's non-qualified defined contribution plan, as follows: Mr. FitzSimons, $64,107; Mr. Fuller, $36,921; Mr. Mullen, $27,956; Mr. Grenesko, $26,979; and Mr. Smith, $21,611; and (iii) the reimbursement of a club initiation fee for Mr. Mullen.

24

Option Grants in Last Fiscal Year

The following table presents information on stock options granted during the fiscal year ended December 26, 2004.

	Individual Grants
Name	Number of Securities Underlying Options Granted(1)		% of Total Options Granted to Employees in Fiscal Year	Exercise Price Per Share		Expiration Date	Grant Date Present Value(2)
Dennis J. FitzSimons	New: Replacements:	200,000 54,534 15,774 20,175 19,973 15,413 53,918 46,358 29,492	3.06 0.84 0.24 0.31 0.31 0.24 0.83 0.71 0.45	$	52.05 51.30 51.30 51.30 51.55 52.63 52.38 51.99 52.19	02/10/12 02/12/12 07/29/07 02/16/09 02/16/09 07/29/07 02/12/12 02/13/11 02/15/10	$	3,095,420 411,072 118,903 152,077 151,287 119,193 414,985 354,143 226,162
Jack Fuller	New: Replacements:	100,000 14,285 6,119 8,067 8,085 14,019 9,989	1.53 0.22 0.09 0.12 0.12 0.21 0.15		52.05 51.30 51.55 51.55 51.55 52.38 51.99	12/25/09 12/25/09 07/29/07 12/25/07 12/25/07 12/25/09 12/25/07		1,547,710 107,679 46,349 61,104 61,241 107,899 76,309
Patrick J. Mullen	New: Replacements:	65,000 2,613 2,612 1,790 8,359	1.00 0.04 0.04 0.03 0.13		52.05 50.95 50.95 50.95 41.50	02/10/12 02/16/09 02/16/09 02/16/09 02/16/09		1,006,012 19,562 19,554 13,401 41,372
Donald C. Grenesko	New: Replacements:	60,000 18,542 8,763 13,612 13,443 8,563 8,794 18,333 21,563 16,853	0.92 0.28 0.13 0.21 0.21 0.13 0.13 0.28 0.33 0.26		52.05 51.30 51.30 51.30 51.55 52.63 52.84 52.38 51.99 52.19	02/10/12 02/12/12 07/29/07 02/16/09 02/16/09 07/29/07 08/25/05 02/12/12 02/13/11 02/15/10		928,626 139,768 66,055 102,606 101,825 66,220 68,277 141,102 164,726 129,239
Scott C. Smith	New: Replacements:	42,000 15,305 13,536 13,436 10,482 15,137 15,134 14,747	0.64 0.23 0.21 0.21 0.16 0.23 0.23 0.23		52.05 51.09 51.09 51.60 51.60 52.38 51.99 52.19	02/10/12 02/12/12 02/16/09 02/16/09 07/29/07 02/12/12 02/13/11 02/15/10		650,038 114,895 101,615 101,870 79,473 116,503 115,613 113,089

(1)

Includes both new options and replacement options to purchase Tribune common stock granted in 2004 under the Incentive Plan and preceding plans. New stock options awarded prior to 2004 were granted with a replacement option feature. All options permit the optionee to pay the exercise

25

price with Tribune common stock owned for six months and to pay withholding tax with shares acquired on exercise. If the executive exercises options with a replacement option feature in this manner at a time when the closing price of Tribune common stock exceeds the option exercise price by at least 50%, then the executive will receive replacement stock options in an amount equal to the number of shares surrendered to pay the exercise price and related withholding tax. The new options do not include a replacement option feature. New options are generally exercisable in four equal annual installments after award and replacement options are exercisable one year after award. In addition, both new and replacement options are exercisable immediately upon a change in control of Tribune. New options have eight-year terms. New options awarded prior to 2004 have ten year terms. A replacement option has a term equal to the remaining term of the option exercised and is conditioned on the individual retaining ownership of the shares acquired on exercise of the option giving rise to the replacement award.

(2)

Values calculated using the Black-Scholes option pricing model applied as of the grant date. The weighted-average assumptions used to calculate these values for the new grants and the replacement options, respectively, are as follows: risk-free interest rates of 3.2% and 1.7%; expected dividend yields of 1.0% and 1.0%; expected lives of five and two years (unless, with respect to replacement options, the actual life is less than two years); and expected stock price volatility of 31.1% and 25.4%. The actual values may vary significantly from these estimated values and will ultimately depend upon the excess of the stock price over the exercise price on the date the option is exercised.

Aggregated Option Exercises in Last Fiscal Year and Fiscal Year-End Option Values

The following table presents information regarding the aggregate option exercises and year-end option values for each of the named executive officers for the fiscal year ended December 26, 2004.

				Number of Securities Underlying Unexercised Options at FY-End		Value of Unexercised In-the-Money Options at FY-End(2)
	Number of Shares Acquired on Exercise(1)
		Value Realized
Name				Exercisable	Unexercisable	Exercisable		Unexercisable
Dennis J. FitzSimons	294,989	$	3,381,463	499,973	840,637	$	0	$	299,625
Jack Fuller	69,497		773,358	250,404	281,814		47,573		81,038
Patrick J. Mullen	17,703		175,690	172,799	191,624		451,463		83,898
Donald C. Grenesko	148,049		1,689,279	251,939	319,716		0		114,650
Scott C. Smith	112,721		1,284,732	217,617	244,777		0		88,550

(1)

Represents aggregate number of shares underlying options exercised. The number of shares of Tribune common stock acquired upon the exercise of options in 2004 for each of the above officers was offset by the number of existing or newly acquired shares of Tribune common stock the officer used to pay the exercise price and/or the applicable withholding tax. The net number of shares of Tribune common stock actually acquired by each of the above officers as a result of option exercises in 2004 was as follows: Mr. FitzSimons, 39,352 shares; Mr. Fuller, 8,933 shares; Mr. Mullen, 2,329 shares; Mr. Grenesko, 19,583 shares; and Mr. Smith, 14,944 shares.

(2)

Based on a closing stock price of $42.08 per share on December 23, 2004, the last trading day of Tribune's fiscal year.

Pension Plan Information

The executive officers named in the summary compensation table, other than Mr. Mullen, participate in the Tribune Company Pension Plan (the "Pension Plan") and the Tribune Company Supplemental Benefit Plan (the "Supplemental Plan"). Because the Internal Revenue Code places certain limitations on the amount of pension benefits that may be paid under qualified plans, any benefits payable in

26

excess of those limitations will be paid under the Supplemental Plan. The plans were amended in 1989 and the estimated benefits the executives named in the summary compensation table may receive depend on which Tribune entity employed the individual prior to the amendments. The pension benefits are not subject to any deduction for social security or other offset amounts. These amounts are estimated on the assumption that the executive will commence receiving benefits at age 65 and that the executive will receive pension benefits in the form of a life annuity with no surviving benefits.

Until December 31, 1998, the annual pension benefit under the plans, taken together, was generally determined by the executive's credited years of service (up to a maximum of 35 years) multiplied by a percentage of the executive's final average compensation (compensation during the final five years of employment). The Pension Plan and the Supplemental Plan were frozen at December 31, 1998 so that participants' service and compensation after that date will not be counted in computing benefits. The executives named in the summary compensation table, other than Mr. Mullen, will be entitled to receive under the Pension Plan and the Supplemental Plan annual benefits upon retirement at age 65 as follows: Mr. FitzSimons, $108,498; Mr. Fuller, $114,126; Mr. Grenesko, $79,852; and Mr. Smith, $101,107. Mr. Mullen joined Tribune after these plans were frozen, so he will not receive benefits under these plans.

Severance Arrangements

Tribune maintains a Transitional Compensation Plan For Executive Employees. This plan provides termination benefits to a total of 17 executives and other key employees of Tribune and its subsidiaries who, within 36 months following a change in control, are terminated without cause or terminate their employment due to a reduction in their compensation or benefits or a change in the city in which they are required to work. This plan also provides that certain participants may elect to terminate their employment during the thirteenth month following a change in control and qualify to receive the benefits under the plan.

For the purposes of this plan, a "change in control" means:

•

the acquisition, other than from Tribune, by a person, entity or group of 20% or more of the combined voting power of Tribune's outstanding voting securities;



•

a change in the composition of the Board whereby the incumbent directors cease to constitute at least a majority of the Board without the approval of the Board; or



•

consummation of a merger or reorganization of Tribune where the shareholders of Tribune prior to the merger or reorganization do not own more than 50% of the reorganized company.

Benefits under this plan include:

•

payment in cash equal to three times (in certain cases two times) the sum of (i) the highest annual rate of the executive's base salary in effect within three years of the date of the participant's termination and (ii) 200% of the participant's target bonus payable for the year in which the change in control occurs;



•

outplacement services; and



•

continuation of life, health and disability insurance for up to three years.

In addition, the plan provides that Tribune will reimburse the executive for any excise tax that results from payments upon termination being treated as excess parachute payments under federal income tax law. Each of the executives named in the summary compensation table is covered by the plan.

All stock options granted to executives or other key employees become immediately vested and exercisable upon a change in control of Tribune as defined in the applicable plan and in grant agreements evidencing awards. The definitions of change in control are essentially the same as described above.

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STOCK PERFORMANCE GRAPH

The following graph compares the five-year cumulative total return on Tribune common stock with the cumulative total return during the same period for companies included in the S&P 500 Stock Index and the S&P 500 Publishing and Printing Index. The S&P 500 Publishing and Printing Index includes Tribune Company, Dow Jones & Company, Inc., Gannett Co., Inc., Knight-Ridder, Inc., The McGraw-Hill Companies, Inc., Meredith Corporation and The New York Times Company. The S&P 500 Stock Index is comprised of 500 U.S. companies, including Tribune Company, in the industrial, transportation, utilities and financial sectors. Both the S&P 500 Stock Index and the S&P 500 Publishing and Printing Index are weighted by market capitalization.

	1999		2000		2001		2002		2003		2004
Tribune Company	$	100.00	$	77.52	$	69.50	$	85.25	$	97.67	$	80.62
S&P 500		100.00		90.89		80.14		62.47		80.35		89.07
S&P 500 Publishing and Printing		100.00		89.66		92.82		98.90		117.48		114.10

Based on $100 invested on December 31, 1999 in Tribune common stock, the S&P 500 Stock Index and the S&P 500 Publishing and Printing Index. Total return assumes reinvestment of dividends quarterly.

28

SHAREHOLDER PROPOSALS AND DIRECTOR NOMINATIONS

In order to submit proposals for consideration at an annual meeting, shareholders must comply with the procedures set forth in Tribune's By-Laws and securities laws, rules and regulations. Tribune's By-Laws provide that in order for a shareholder to propose business for consideration at an annual meeting, notice of the proposal must be delivered to Tribune not earlier than the close of business on the 120th day and not later than the close of business on the 90th day prior to the first anniversary of the preceding year's annual meeting. Accordingly, a shareholder proposal intended to be considered at the 2006 annual meeting must be received by Tribune after the close of business on January 18, 2006 and prior to the close of business on February 17, 2006. However, under securities laws, if a shareholder desires to have the proposal included in Tribune's proxy statement for the 2006 annual meeting, notice of the proposal must be delivered to Tribune on or before December 12, 2005.

Shareholders may also nominate a candidate for election as a director. Tribune's By-Laws provide that notice of shareholder nominations for election of directors must be received by Tribune not less than 90 days and not more than 120 days prior to the meeting at which directors are to be elected. As more fully described in Tribune's By-Laws, this notice must include the proposed nominee's name, age, business and residence addresses, and principal occupation, the number of shares of Tribune common stock he or she beneficially owns, and a signed consent of the proposed nominee to serve as a director of Tribune if elected. The advance notice requirement affords the Governance and Compensation Committee the opportunity to consider the qualifications of the proposed nominee and, to the extent deemed necessary or desirable by the Board, inform shareholders about these qualifications.

Proposals and director nominations should be directed to Tribune Company, 435 North Michigan Avenue, Chicago, Illinois 60611, Attention: Corporate Secretary. Only proposals and nominations that meet the requirements set forth in Tribune's By-Laws will be considered. Tribune's By-Laws and additional information regarding shareholder proposals and director nominations are available on Tribune's website at www.tribune.com.

PROXY SOLICITATION EXPENSES AND ELECTRONIC DELIVERY

Tribune will pay all expenses incurred in connection with the printing and delivery of proxy materials and the solicitation of proxies. Following the initial printing and delivery of proxy materials and the solicitation of proxies by mail, Tribune directors, officers and other employees may solicit proxies in person or by telephone, but without extra compensation. In addition, Tribune has retained Georgeson Shareholder to assist in the solicitation of proxies for a fee not to exceed $13,000, plus reimbursement for out-of-pocket expenses. This solicitation may be made by mail, email, telephone or in person. Tribune will, upon request, reimburse the reasonable charges and expenses of brokerage houses or other nominees or fiduciaries for forwarding proxy materials to, and obtaining authority to execute proxies from, beneficial owners for whose account they hold Tribune stock.

Shareholders can help save significant printing and mailing expenses by consenting to access the proxy statement, proxy card and annual report for future meetings electronically over the Internet. If you hold shares in your name (instead of through a broker), you can choose this option by following the instructions at the Internet voting website at www.eproxyvote.com/trb. If you hold your shares through a broker, you should follow the instructions regarding electronic delivery, if any, provided by your broker.

29

ANNUAL REPORT

The Tribune Company 2004 Annual Report, a report to shareholders that includes Tribune's Annual Report on Form 10-K for the fiscal year ended December 26, 2004 (without exhibits), is being distributed with this proxy statement, but neither the Tribune Company 2004 Annual Report nor the information contained in the Annual Report on Form 10-K is incorporated in this proxy statement and neither is part of the proxy soliciting material. Requests for additional copies of this proxy statement or the Tribune Company 2004 Annual Report (including the Annual Report on Form 10-K) may be made by contacting the Corporate Relations Department, Tribune Company, 435 North Michigan Avenue, Chicago, Illinois 60611, telephone (800) 757-1694, or through Tribune's website at www.tribune.com.

By Order of the Board of Directors,

Crane H. Kenney
Senior Vice President, General Counsel and Secretary

April 8, 2005

30

Annex A

TRIBUNE COMPANY
AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
OPERATING CHARTER

PURPOSE

The Audit Committee is appointed by the Board of Directors to assist the Board in monitoring (a) the integrity of the Company's financial statements, (b) the independent accountants' qualifications and independence, (c) the performance of the Company's internal audit function and independent accountants, and (d) the compliance by the Company with legal and regulatory requirements.

COMMITTEE MEMBERSHIP

The Committee shall consist of no fewer than three members. The members of the Committee shall meet the independence and experience requirements of the New York Stock Exchange, Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations of the Securities and Exchange Commission (the "Commission"). At least one member of the Audit Committee shall be an audit committee financial expert as defined by the Commission and as determined by the Board of Directors. The members and chairperson of the Committee shall be appointed and replaced by the Board of Directors.

MEETINGS

The Committee shall meet as often as it determines, but not less frequently than quarterly. The Committee shall meet periodically with management, the internal auditors and the independent accountants in separate executive sessions. The Committee may request any officer or employee of the Company or the Company's outside counsel or independent accountants to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee.

COMMITTEE AUTHORITY AND RESPONSIBILITIES

The Committee shall have the sole authority to appoint or replace the independent accountants (subject to shareholder ratification). The Committee shall be directly responsible for the compensation and oversight of the work of the independent accountants (including resolution of disagreements between management and the independent accountants regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent accountants shall report directly to the Committee.

The Committee shall pre-approve all auditing services and permitted non-auditing services (including the fees and terms thereof) to be performed for the Company by the independent accountants, subject to the de minimus exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Committee prior to the completion of the audit.

The Committee may form and delegate authority to subcommittees consisting of one or more members when appropriate, including the authority to grant preapprovals of audit and permitted non-audit services, provided that decisions of such subcommittees to grant preapprovals shall be presented to the full Committee at its next scheduled meeting.

The Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting or other advisors. The Company shall provide for appropriate funding, as determined by the Committee, for payment of compensation to the independent accountants for the purpose of rendering or issuing an audit report and to any advisors employed by the Committee.

A-1

The Committee shall make regular reports to the Board of Directors. The Committee shall review and reassess the adequacy of this Charter annually and shall submit any proposed substantive changes to the Board of Directors for approval. The Committee shall annually review its own performance.

The Committee shall prepare the report required by the rules of the Commission to be included in the Company's annual proxy statement.

The Committee, to the extent it deems necessary or appropriate, shall:

Financial Statement and Disclosure Matters

1.

Meet to review and discuss with management and the Company's independent accountants the annual audited financial statements, including the Company's specific disclosures made in management's discussion and analysis, and recommend to the Board of Directors whether the audited financial statements should be included in the Company's Form 10-K.

2.

Review and discuss with management and the Company's independent accountants the annual reports on internal controls over financial reporting that will be included in the Company's Form 10-K in accordance with Section 404 of the Sarbanes-Oxley Act. Review and discuss any significant deficiencies or material weaknesses in the Company's internal controls over financial reporting that are disclosed to the Committee by management or the independent accountants, and the steps being taken to resolve them.

3.

Meet to review and discuss with management and the independent accountants the Company's quarterly financial statements prior to the filing of its Form 10-Q, including the Company's specific disclosures made in management's discussion and analysis and the results of the independent accountants' reviews of the quarterly financial statements.

4.

Discuss with management and the independent accountants significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including any significant changes in the Company's selection or application of accounting principles.

5.

Review and discuss reports from the independent auditors on:

(a)

All critical accounting principles and practices to be used.

(b)

All alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent accountants.

(c)

Other material written communications between the independent accountants and management.

6.

Discuss with management the Company's earnings press releases, including the use of "pro forma" or "adjusted" non-GAAP information, as well as financial information and earnings guidance provided to analysts and rating agencies. Such discussion may be done generally, consisting of discussing the types of information to be disclosed and the types of presentations to be made.

7.

Discuss with management and the independent accountants the effect of regulatory and accounting initiatives as well as off-balance sheet structures on the Company's financial statements.

8.

Discuss with management the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

A-2

9.

Discuss with the independent accountants the matters required to be discussed by Statement on Auditing Standards No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions on the scope of activities or access to requested information, and any significant disagreements with management.

10.

Review disclosures made to the Committee by the Company's Chief Executive Officer and Chief Financial Officer during their certification process for the Form 10-K and Form 10-Q about any significant deficiencies in the design or operation of internal controls over financial reporting or material weaknesses therein and any fraud involving management or other employees who have a significant role in the Company's internal controls.

Oversight of the Company's Relationship with the Independent Accountants

11.

Review and evaluate the lead partner of the independent accountants' team.

12.

Obtain and review a report from the independent accountants at least annually regarding (a) the independent accountants' internal quality-control procedures, (b) any material issues raised by the most recent internal quality-control review, or publicly disclosed findings resulting from reviews of public oversight bodies or investigations by governmental authorities within the preceding five years respecting one or more independent audits carried out by the firm, (c) any steps taken to deal with any such issues or findings, and (d) all relationships between the independent accountants and the Company. Evaluate the qualifications, performance and independence of the independent accountants, including considering whether the accountants' quality controls are adequate and the provision of permitted non-audit services is compatible with maintaining the accountants' independence, and taking into account the opinions of management and internal auditors. The Committee shall present its conclusions with respect to the independent accountants to the Board of Directors.

13.

Ensure the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law.

14.

Set policies for the Company's hiring of employees or former employees of the independent accountants who participated in any capacity in the audit of the Company.

15.

Meet with the independent accountants prior to the audit to discuss the planning and staffing of the audit.

Oversight of the Company's Internal Audit Function

16.

Review the appointment and replacement of the senior internal auditing executive.

17.

Review the significant issues raised in reports to management prepared by the internal auditing department and management's responses.

18.

Discuss with the independent accountants and management the internal audit department responsibilities, budget and staffing and any recommended changes in the planned scope of the internal audit function.

Compliance Oversight Responsibilities

19.

Obtain from the independent accountants assurance that Section 10A(b) of the Exchange Act regarding illegal acts has not been implicated.

20.

Obtain reports from management and the Company's senior internal auditing executive that the Company is in conformity with applicable legal requirements and the Company's Code of Business Conduct, including the provisions related to insider trading and conflicts of interest. Advise the

A-3

Board of Directors with respect to the Company's policies and procedures regarding compliance with applicable laws and regulations and with the Company's Code of Business Conduct.

21.

Review procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting control or auditing matters, and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

22.

Discuss with management and the independent accountants any correspondence with regulators or governmental agencies and any published reports which raise material issues regarding the Company's financial statements or accounting policies.

23.

Discuss with the Company's General Counsel legal matters that may have a material impact on the financial statements or the Company's compliance policies.

LIMITATION OF AUDIT COMMITTEE'S ROLE

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent accountants.

A-4

TRIBUNE
C/O EQUISERVE TRUST COMPANY N.A.
P.O. BOX 8936
EDISON, NJ 08818-8936

The EquiServe Vote by Telephone and Vote by Internet systems can be accessed
24-hours a day, seven days a week until 11:59 p.m. EST, May 17, 2005.

Your vote is important. Please vote immediately.

Vote-by-Internet1. Log on to the Internet and go to http://www.eproxyvote.com/trb
OR Vote-by-Telephone1. Call toll-free 1-877-PRX-VOTE (1-877-779-8683)

If you vote over the Internet or by telephone, please do not mail your card.

FOLD AND DETACH HERE

ý Please mark
votes as in
this example. #TRC

This proxy is solicited on behalf of the Board of Directors.

The Board of Directors recommends a vote FOR proposals 1 and 2.

1.	Election of Directors.	FOR o	WITHHELD o	01 Roger Goodan 02 Enrique Hernandez, Jr. 03 J. Christopher Reyes 04 Dudley S. Taft	2.	Ratification of independent public accountants.	FOR o	AGAINST o	ABSTAIN o
					3.	With discretionary power in the transaction of such other business as may properly come before the meeting.
	o
	For, except vote withheld from the following nominee(s):
						If you plan to attend the annual meeting, please check this box.			o
						Mark here for address change and note at left (for non-employees only).			o

Signature	Date:	Signature	Date:
Note: Please sign exactly as name appears hereon. Joint owners should each sign. When signing as attorney, executor, administrator, trustee or guardian, etc., please give full title.

TRIBUNE

Dear Shareholder:

        We encourage you to vote your shares electronically either on the Internet or by telephone. Doing so will eliminate the need to return your proxy card. You will need your proxy card and Social Security Number (where applicable) when voting your shares electronically.

Any registered stockholder (non-employees) may elect to receive next year's proxy materials electronically at any time during the year by enrolling at http://www.econsent.com/trb.

PLEASE VOTE ON THE INTERNET OR BY TELEPHONE OR
RETURN YOUR PROXY CARD PROMPTLY IN THE ENCLOSED ENVELOPE

FOLD AND DETACH HERE

P
R
O
X
Y TRIBUNE COMPANY PROXY CARD AND VOTING INSTRUCTIONS

Proxy For Annual Meeting of Shareholders to be Held May 18, 2005 I hereby appoint Dennis J. FitzSimons and Crane H. Kenney, or either of them, as proxies to vote all the shares of Tribune Company common stock that I may be entitled to vote at the Annual Meeting of Shareholders to be held on May 18, 2005, or at any adjournment thereof, as specified on the reverse side of this proxy card with respect to:
1.	the election of directors—the nominees are Roger Goodan, Enrique Hernandez, Jr., J. Christopher Reyes and Dudley S. Taft—to serve until the 2008 Annual Meeting (to withhold authority to vote for any individual nominee, write his or her name in the space provided on the reverse side of this card);
2.	the ratification of the selection of PricewaterhouseCoopers LLP as independent public accountants; and
3.	with discretionary power in the transaction of such other business as may properly come before the meeting.
To vote by telephone or on the Internet, please see the reverse side of this proxy card. To vote by mail, please complete, sign and date this proxy card on the reverse side and mail promptly in the enclosed envelope. Tribune's Board of Directors recommends a vote FOR the election of the nominees listed and FOR the ratification of independent public accountants. As described in the proxy statement, if there are shares of Tribune Company common stock allocated to you in Tribune's employee benefit plans, the instructions you give on this proxy card or by telephone or on the Internet will be used as instructions to the trustee or nominee of the plans to vote all of your shares in the plans at the annual meeting and any adjournment thereof. Your instructions will also be used to authorize the trustee or nominee to vote in its judgment on such other business as may properly come before the meeting and any adjournment thereof.

SEE
REVERSE
SIDE
(Continued and to be dated and signed on reverse side.) SEE
REVERSE
SIDE

QuickLinks

TABLE OF CONTENTS
PROXY STATEMENT
ABOUT THE MEETING
STOCK OWNERSHIP
CORPORATE GOVERNANCE
BOARD OF DIRECTORS
PROPOSALS TO BE VOTED UPON
AUDIT COMMITTEE
EXECUTIVE COMPENSATION
STOCK PERFORMANCE GRAPH
SHAREHOLDER PROPOSALS AND DIRECTOR NOMINATIONS
PROXY SOLICITATION EXPENSES AND ELECTRONIC DELIVERY
ANNUAL REPORT
TRIBUNE COMPANY AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OPERATING CHARTER