How long will it take to implement the changes and what approvals are necessary?
The two-stage merger transaction is expected to close by Dec. 31, 2007. It is subject to several conditions, including shareholder and regulatory approval. In the first stage, a stock tender offer for roughly half of Tribune’s outstanding shares will launch in late April or early May and be completed by early June. A shareholder meeting to vote on the merger transaction will be held in July or August. FCC and other regulatory approvals are anticipated in the fourth quarter. Once those are received and other conditions to the transaction are satisfied, Tribune and a subsidiary of the ESOP will merge.
