Tribune Publishing Comments on Gannett's Continuing Mischaracterizations

CHICAGO--(BUSINESS WIRE)--

Tribune Publishing Co. TPUB today issued the following statement in response to Gannett Co., Inc.'s GCI mischaracterization of today's shareholder vote, which supported the Tribune Board.

"Yet again, Gannett is engaged in an effort to mislead and confuse Tribune shareholders. Tribune engaged an independent inspector of elections to count the votes cast at today's annual meeting of stockholders. We will be releasing the inspector's certified results as soon as they are available. While precise results of the vote count are not available at this time (and Gannett had no reliable basis for the speculative results it published earlier today), it is clear that all Tribune Directors were elected by a majority of the votes cast.

"Gannett's claim that it did not intend to start a public fight is simply false. We have sought to engage with Gannett on a constructive basis, including most recently inviting Gannett to participate in mutual due diligence. Gannett has instead pursued a rushed, hostile approach in a desperate attempt to take control of Tribune, initially at $12.25 per share and then at $15.00 per share.

"We also note that two Tribune shareholders, Oaktree Capital Management, L.P. and Towle & Co., referenced in Gannett's earlier communications, previously REJECTED opportunities to sell their shares for $15.00 per share in cash. This clearly indicates they agree with the Tribune Board that Tribune shares are worth more than Gannett's most recent proposal. And while Tribune continues to be receptive to signing a customary, mutual nondisclosure agreement and sharing information that would allow Gannett to make a more credible proposal, Gannett has shown no willingness to increase its bid to a compelling price level.

"We have a clear strategic plan in place to transform Tribune Publishing, and we remain focused on executing against that plan in order to create value for all shareholders and other stakeholders."

About Tribune Publishing:

Tribune Publishing Company TPUB is a diversified media and marketing-solutions company that delivers innovative experiences for audiences and advertisers across all platforms. The company's diverse portfolio of iconic news and information brands includes 11 award-winning major daily titles, more than 60 digital properties and more than 180 verticals in markets, including Los Angeles; San Diego; Chicago; South Florida; Orlando; Baltimore; Carroll County and Annapolis, Md.; Hartford, Conn.; Allentown, Pa., and Newport News, Va. Tribune Publishing also offers an array of customized marketing solutions, and operates a number of niche products, including Hoy, El Sentinel and VidaLatina, making Tribune Publishing the country's largest Spanish-language publisher. Tribune Publishing Company is headquartered in Chicago.

(TPUB-F)

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