-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rhD3X99P0GEX6Irfa7Fhy1i7tICIrIn5HohfbzKpRZof6hh/l1tiDRoupVP+8ep7 tDMP+ba//fmOYNkX/FwLkA== 0000726513-94-000009.txt : 19940702 0000726513-94-000009.hdr.sgml : 19940702 ACCESSION NUMBER: 0000726513-94-000009 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIBUNE CO CENTRAL INDEX KEY: 0000726513 STANDARD INDUSTRIAL CLASSIFICATION: 2711 IRS NUMBER: 361880355 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08572 FILM NUMBER: 94535475 BUSINESS ADDRESS: STREET 1: 435 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 3122229100 10-K/A 1 FORM 11-K FILING FOR TRIBUNE COMPANY SAVINGS INCENTIVE PLAN SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 1993 Commission file number 1-8572 TRIBUNE COMPANY (Exact name of registrant as specified in its charter) Delaware 36-1880355 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 435 North Michigan Avenue, Chicago, Illinois 60611 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (312) 222-9100 Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on Title of each class which registered - - - - - ------------------- ------------------------ Common Stock (without par value) New York Stock Exchange Preferred Share Purchase Rights Chicago Stock Exchange Pacific Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]. Aggregate market value of the Company's voting stock held by non- affiliates on June 17, 1994, based upon the closing price of the Company's Common Stock as reported on the New York Stock Exchange Composite Transactions list for such date: approximately $3,948,800,000. At June 17, 1994 there were 67,500,117 shares of the Company's Common Stock outstanding. The following documents are incorporated by reference, in part: 1993 Annual Report to Stockholders (Parts I and II, to the extent described therein). Definitive Proxy Statement for the April 19, 1994 Annual Meeting of Stockholders (Part III,to the extent described therein). SIGNATURE The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Annual Report on Form 10-K for 1993 as set forth in the pages attached hereto: (a) Exhibit 99, Form 11-K financial statements relating to the Tribune Company Savings Incentive Plan, is filed herewith. (b) Exhibit 23.1, Consent of Independent Accountants, is filed herewith. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. TRIBUNE COMPANY (Registrant) Date: June 23, 1994 R. Mark Mallory Vice President and Controller (on behalf of the Registrant and as chief accounting officer) EXHIBIT 99 FORM 11-K FINANCIAL STATEMENTS TRIBUNE COMPANY SAVINGS INCENTIVE PLAN INDEX Page Financial Statements Report of Independent Accountants..................... 2 Statements of Financial Condition as of December 31, 1993 and 1992......................... 3 Statements of Income and Changes in Plan Equity for the years ended December 31, 1993, 1992 and 1991...................................... 4 Notes to Financial Statements....................... 5-13 1 REPORT OF INDEPENDENT ACCOUNTANTS To the Participants and Administrator of the Tribune Company Savings Incentive Plan In our opinion, the financial statements listed in the accompanying index present fairly, in all material respects, the financial position of the Tribune Company Savings Incentive Plan (the Plan) at December 31, 1993 and 1992, and the results of its operations and the changes in its plan equity for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Price Waterhouse Chicago, Illinois June 17, 1994 2 TRIBUNE COMPANY SAVINGS INCENTIVE PLAN STATEMENTS OF FINANCIAL CONDITION
December 31, ------------------ 1993 1992 ------ ------ ASSETS Investments, at market value: The Northern Trust Company Collective Short Term Investment Fund, at cost which approximates market value (par $1) $64,652,271 $77,688,342 The Northern Trust Company Collective Stock Index Fund; 1,581,994 units and 1,554,844 units, respectively (cost-$47,321,045 and $44,304,049, respectively; net asset value per unit-$38.06 and $34.61, respectively) 60,210,692 53,813,151 Tribune Company Common Stock; 1,120,035 shares and 1,193,838 shares, respectively (cost- $18,697,461 and $18,148,656, respectively) 67,342,104 57,304,224 MFO Wellington Fund, Inc. $1 par open end fund; 1,579,690 units and 863,763 units, respectively (cost-$30,613,478 and $16,251,605, respectively; net asset value per unit - $20.40 and $19.16, respectively) 32,225,675 16,549,703 Receivables: Contributions from participants 1,001,983 950,646 Contributions from Tribune Company 168,270 160,189 Participant loans 82,636 198,566 Interest and dividends 170,732 219,767 ------------ ------------ TOTAL ASSETS $225,854,363 $206,884,588 ============ ============ LIABILITIES AND PLAN EQUITY Liabilities $ - $ - Plan Equity 225,854,363 206,884,588 ------------ ------------ TOTAL LIABILITIES AND PLAN EQUITY $225,854,363 $206,884,588 ============ ============ See notes to financial statements.
3 PAGE TRIBUNE COMPANY SAVINGS INCENTIVE PLAN STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY
Year Ended December 31, - - - - - -------------------------------- 1993 1992 1991 ------ ------ - - - - - ------ Interest $ 2,173,165 $ 2,638,491 $ 1,538,969 Dividends 3,848,088 3,112,917 747,722 ------------ ------------ - - - - - ----------- Net investment income 6,021,253 5,751,408 2,286,691 Net realized gain on sale of investments 2,675,108 363,156 145,360 Change in unrealized appreciation of investments 16,902,619 8,564,911 4,955,146 Contributions from participants 10,541,469 10,232,341 9,235,864 Contributions from Tribune Company 1,795,505 1,722,260 1,612,698 Transfer of assets from other Tribune Company benefit plans - 134,486,752 - Distributions to participants or their beneficiaries (18,798,052) (10,843,949) (7,082,783) Administrative fees (168,127) (177,393) (66,663) ------------ ------------ - - - - - ----------- Net increase in plan equity during the year 18,969,775 150,099,486 11,086,313 Plan Equity: Beginning of year 206,884,588 56,785,102 45,698,789 ------------ ------------ - - - - - ----------- End of year $225,854,363 $206,884,588 $56,785,102 ============ ============ =========== See notes to financial statements.
4 TRIBUNE COMPANY SAVINGS INCENTIVE PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1 - PLAN DESCRIPTION - - - - - ------------------------- The Tribune Company Savings Incentive Plan (the "Plan") was established effective April 1, 1985 by Tribune Company (the "Company"). The Plan is a defined contribution plan covering eligible salaried and hourly employees of the Company and participating subsidiaries. Separate benefit accounts are maintained for each participant. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company believes that the Plan will continue without interruption, but reserves the right to terminate the Plan at any time. In the event of Plan termination, distributions will be made in accordance with the provisions of ERISA. The Plan was amended and restated effective January 1, 1989 (the "Restatement Effective Date") to permit participants to direct the investment of their own 401(k) contributions in the common stock of the Company and to make legally required and other Plan changes. On December 31, 1988 the Chicago Tribune Salaried Employees' Profit Sharing Plan was frozen and in the first quarter of 1992, employee accounts under that plan were merged into the Tribune Company Savings Incentive Plan. The aggregate value of the assets transferred was approximately $134,500,000. Each employee of the Company and its participating subsidiaries who was a participant prior to the Restatement Effective Date continued to be a participant thereafter, subject to the terms of the Plan. Other employees of participating subsidiaries of the Plan are generally eligible to participate if they are 21 years of age and have completed one year of service (generally defined as 1,000 hours of service in one year), except for employees covered by collective bargaining agreements which do not provide for their participation in the Plan. Contributions - - - - - ------------- Participants employed by a participating employer of the Company may elect to make before-tax ("salary reduction") contributions of 1% to 15% of their compensation (as defined in the Plan) subject to Plan and Internal Revenue Service limits. For each pay period after the Restatement Effective Date, the "Contributing Employers" will make a contribution to the Plan in an amount equal to 25% of the portion of the salary reduction contribution made by each participant not to exceed 4% of the participant's compensation for that period. 5 Investments - - - - - ----------- The Plan's investment assets are held by The Northern Trust Company, the Plan's Trustee. Separate Investment Funds are maintained under the Plan. These Funds include: (a) A Cash Fund which the Trustee invests in short-term cash equivalents or similar type investments; (b) A Diversified Stock Fund which the Trustee invests in common stocks in a broadly diversified stock portfolio, the performance of which is designed to closely track the return on the Standard & Poor's 500 Composite Stock Index; (c) A Company Common Stock Fund which the Trustee invests in shares of the common stock of the Company; (d) A Balanced Fund, added January 1, 1992, which the Trustee invests in Vanguard's MFO Wellington Fund, Inc., a publicly traded mutual fund. The fund invests in common stocks of large, established companies and high quality bonds and money market securities. Participants may elect to have all or a percentage of their contributions and their share of Contributing Employers' contributions invested in or transferred among one or more of the Investment Funds. However, in no event may participants elect that more than 50% of their contributions or 50% of their share of the employers' matching contributions be invested in the Company Common Stock Fund. The Trustee's purchases of Company Common Stock are made in the open market. Vesting - - - - - ------- Participants are, at all times, 100% vested in their salary reduction and matching contribution accounts. Distributions - - - - - ------------- Distributions of account balances are generally made to participants in a lump sum payment. An election may be made by participants to have payment deferred until the end of the calendar year. In addition, participants whose employment terminates due to retirement, disability or death may elect to receive their vested account balances in substantially equal installments over a fixed period, in lieu of a lump sum distribution. Distributions are made in cash, except that participants may elect to receive the portion invested in the Company Common Stock Fund in whole shares of Company Common Stock. Distributions payable to participants at December 31, 1993 and 1992 were $5,678,631 and $9,398,763, respectively. Withdrawals - - - - - ----------- As of any quarterly valuation date, participants who are totally and permanently disabled may elect to withdraw their account balances through written notice to the Administrative Committee. Also, participants who have attained age 59 1/2 may elect to withdraw their balances by written notice to the Administrative Committee, but upon doing so will cease to be eligible to make salary reduction contributions for one year. 6 Participants may make withdrawals of any part or all of the balance in their salary reduction contribution accounts, prior to termination, in order for the participant to meet an immediate and significant financial need as determined by the Administrative Committee in conjunction with the types of hardships for which a withdrawal would be permitted by Internal Revenue Service regulations. Only one hardship withdrawal may be made by a participant during any plan year. Participants who make hardship withdrawals will cease to be eligible to make salary reduction contributions for one year. Loans - - - - - ----- Prior to the Restatement Effective Date, the Plan permitted loans of limited amounts to participants subject to specific loan terms. As of the Restatement Effective Date, no new loans to participants can be approved, but repayment of prior loans continues. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES - - - - - ---------------------------------------- Basis of accounting - - - - - ------------------- The accounts of the Plan are presented on the accrual basis of accounting. Valuation of investments - - - - - ------------------------ Investments are stated at market value. The market value of the shares of the units of the Trustee's Cash Fund and Diversified Stock Fund are based on the quoted market and redemption values as determined by the Trustee on the last business day of the Plan year. The market value of the shares of the Company's common stock and the units of the Balanced Fund are based on quoted market values on the last business day of the Plan year. The cost of investments sold is based on the weighted average method. Gains and losses are reported under the current value method which calculates realized gains and losses on investments sold as sales proceeds less the current value as of the beginning of the year (or acquisition cost if acquired during the year). Unrealized gains and losses are calculated as the current value of investments held at the end of the year less their current value as of the beginning of the year (or acquisition cost if acquired during the year). Prior year realized and unrealized gains and losses have been reclassified to conform with the current year presentation. Expenses of the plan - - - - - -------------------- The Company generally pays the costs of administering the Plan and Trust, except that certain expenses described in the Trust Agreement are paid out of the Trust Fund and are charged to the appropriate Investment Fund accounts. 7 NOTE 3 - INCOME TAX STATUS - - - - - -------------------------- The Internal Revenue Service has determined and informed the Company by letter dated June 15, 1987, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Company's legal counsel with respect to Plan matters believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. Lump Sum Distributions - - - - - ---------------------- Lump sum distributions from the Plan may be taxed at ordinary income or, in special circumstances, long-term capital gain rates under lump sum distribution rules on the excess of the value of the assets received from the accounts over the participants' total after-tax contributions, if any. In general, a lump sum distribution is payment of a participant's entire account balance under the Plan within one taxable year. Participants who have attained age 59 1/2 are permitted to make a one-time election to use five-year averaging with respect to a single lump sum distribution. A tax law transition rule allows participants who have attained the age 50 by January 1, 1986 to elect to use five-year averaging under new tax rates or ten-year averaging under old tax rates with respect to a single lump sum distribution. If any lump sum distribution includes common stock of the Company, the recipient's taxable income does not include any net unrealized appreciation of the employer's securities, defined by the increase in value of the stock over the amount paid by the Trustee. Such increase is not taxed until the stock is sold. A participant may elect not to have this rule apply. Installment Distributions - - - - - ------------------------- If participants elect to receive their accounts in substantially equal annual installments (as a result of termination due to retirement, disability or death), the distributions will be subject to tax at ordinary income rates, except as to any portion attributable to participants' after-tax contributions. Withdrawals During Service Period - - - - - --------------------------------- Participants' withdrawals from their Plan accounts while employed are taxed at ordinary income rates on the excess of the value of the assets received over their after-tax contributions, if any, not recovered by previous withdrawals or distributions. In addition, the taxable portion of the withdrawal may be subject to an additional 10% excise tax if the withdrawal is made before the participant attains age 59 1/2. Rollovers - - - - - --------- Participants can avoid current taxation on the taxable portion of a lump sum distribution to the extent such amounts are rolled over into an IRA or other qualified plan. Any distribution received directly by an employee will be subject to withholding tax. The withholding tax may be avoided by having the distribution made directly into an IRA or other qualified plan. If any portion of a lump sum distribution is rolled over, the remaining portion is not eligible for the long-term capital gain and special ten-year or five-year averaging treatment described above. Amounts distributed from an IRA will be taxed at ordinary income tax rates when distributed by the IRA. 8 NOTE 4 - ALLOCATION OF PLAN ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS - - - - - ------------------------------------------------------------------------- December 31, 1993
Tribune Company Diversified Common Cash Stock Stock Balanced Total Fund Fund Fund Fund ----------- ----------- ------------ ---------- ---------- ASSETS Investments, at market value: The Northern Trust Company Collective Short Term Investment Fund $64,652,271 $64,037,996 $ 364,732 $ 173,779 $ 75,764 The Northern Trust Company Collective Stock Index Fund 60,210,692 - 60,210,692 - - - - - - - Tribune Company Common Stock 67,342,104 - - 67,342,104 - - - - - - MFO Wellington Fund, Inc. 32,225,675 - - - 32,225,675 ----------- ----------- ------------ ----------- - - - - - ----------- Total Investments 224,430,742 64,037,996 60,575,424 67,515,883 32,301,439 Receivables: Contributions from participants 1,001,983 243,330 366,340 168,737 223,576 Contributions from Tribune Company 168,270 42,608 60,626 29,394 35,642 Participant loans 82,636 82,636 - - - - - - - - Interest and dividends 170,732 169,711 423 377 221 ------------ ----------- ----------- ----------- - - - - - ----------- TOTAL ASSETS $225,854,363 $64,576,281 $61,002,813 $67,714,391 $32,560,878 ============ =========== =========== =========== =========== LIABILITIES AND PLAN EQUITY Liabilities $ - $ - $ - $ - $ - - - - - - Plan Equity 225,854,363 64,576,281 61,002,813 67,714,391 32,560,878 ------------ ----------- ----------- ----------- - - - - - ----------- TOTAL LIABILITIES AND PLAN EQUITY $225,854,363 $64,576,281 $61,002,813 $67,714,391 $32,560,878 ============ =========== =========== =========== ===========
9 NOTE 4 - ALLOCATION OF PLAN ASSETS AND LIABILITIES TO INVESTMENT PROGRAMS - - - - - ------------------------------------------------------------------------- (continued) ----------- December 31, 1992
Tribune Company Diversified Common Cash Stock Stock Balanced Total Fund Fund Fund Fund ----------- ----------- ------------ ----------- - - - - - ----------- ASSETS Investments, at market value: The Northern Trust Company Collective Short Term Investment Fund $ 77,688,342 $77,651,746 $ 2,245 $ 19,696 $ 14,655 The Northern Trust Company Collective Stock Index Fund 53,813,151 - 53,813,151 - - Tribune Company Common Stock 57,304,224 - - 57,304,224 - MFO Wellington Fund, Inc. 16,549,703 - - - 16,549,703 ------------ ----------- ------------ ------------ - - - - - ----------- Total Investments 205,355,420 77,651,746 53,815,396 57,323,920 16,564,358 Receivables: Contributions from participants 950,646 308,194 324,350 149,857 168,245 Contributions from Tribune Company 160,189 52,831 53,746 26,862 26,750 Participant loans 198,566 198,566 - - - Interest and dividends 219,767 218,693 630 401 43 ------------ ----------- ------------ ------------ - - - - - ----------- TOTAL ASSETS $206,884,588 $78,430,030 $54,194,122 $57,501,040 $16,759,396 ============ =========== ============ ============ =========== LIABILITIES AND PLAN EQUITY Liabilities $ - $ - $ - $ - $ - Plan Equity 206,884,588 78,430,030 54,194,122 57,501,040 16,759,396 ------------ ----------- ----------- ----------- - - - - - ----------- TOTAL LIABILITIES AND PLAN EQUITY $206,884,588 $78,430,030 $54,194,122 $57,501,040 $16,759,396 ============ =========== =========== =========== ===========
10 NOTE 5 - ALLOCATION OF PLAN INCOME AND CHANGES - - - - - ----------------------------------------------- IN PLAN EQUITY TO INVESTMENT PROGRAMS ------------------------------------- Year Ended December 31, 1993
Tribune Company Diversified Common Cash Stock Stock Balanced Total Fund Fund Fund Fund ------------ ----------- ----------- ----------- - - - - - ----------- Interest $ 2,173,165 $ 2,157,885 $ 8,607 $ 3,434 $ 3,239 Dividends 3,848,088 - 1,569,675 1,071,779 1,206,634 ----------- ----------- ----------- ----------- - - - - - ----------- Net investment income 6,021,253 2,157,885 1,578,282 1,075,213 1,209,873 Net appreciation of investments 19,577,727 - 3,878,173 13,806,465 1,893,089 Contributions from participants 10,541,469 2,790,275 3,881,582 1,715,294 2,154,318 Contributions from Tribune Company 1,795,505 488,119 653,365 306,632 347,389 Interfund transfers - (3,724,016) (3,125,736) (3,350,061) 10,199,813 Distributions to participants or their beneficiaries (18,798,052) (15,481,520) - (3,316,532) - Administrative fees (168,127) (84,492) (56,975) (23,660) (3,000) ----------- ----------- ----------- ----------- - - - - - ---------- Net increase (decrease) in plan equity during the year 18,969,775 (13,853,749) 6,808,691 10,213,351 15,801,482 Plan Equity: Beginning of year 206,884,588 78,430,030 54,194,122 57,501,040 16,759,396 ------------ ----------- ----------- ----------- - - - - - ----------- End of year $225,854,363 $64,576,281 $61,002,813 $67,714,391 $32,560,878 ============ =========== =========== =========== ===========
11 NOTE 5 -ALLOCATION OF PLAN INCOME AND CHANGES - - - - - --------------------------------------------- IN PLAN EQUITY TO INVESTMENT PROGRAMS (Continued) ------------------------------------------------- Year Ended December 31, 1992
Tribune Company Diversified Common Cash Stock Stock Balanced Total Fund Fund Fund Fund -------- -------- ----------- ---------- - - - - - --------- Interest $ 2,638,491 $ 2,623,718 $ 8,303 $ 4,985 $ 1,485 Dividends 3,112,917 - 1,366,761 1,157,960 588,196 ----------- ----------- ----------- ----------- - - - - - ---------- Net investment income 5,751,408 2,623,718 1,375,064 1,162,945 589,681 Net appreciation of investments 8,928,067 - 2,446,309 6,048,625 433,133 Contributions from participants 10,232,341 3,537,431 3,482,707 1,655,720 1,556,483 Contributions from Tribune Company 1,722,260 603,149 576,317 295,068 247,726 Transfer of assets from other Tribune Company benefit plans 134,486,752 60,722,274 28,193,015 45,571,463 - Interfund transfers - (4,891,075) (3,739,831) (5,304,467) 13,935,373 Distributions to participants or their beneficiaries (10,843,949) (10,344,023) - (499,926) - Administrative fees (177,393) (94,913) (54,096) (25,384) (3,000) ----------- ---------- ----------- ---------- - - - - - ---------- Net increase in plan equity during the year 150,099,486 52,156,561 32,279,485 48,904,044 16,759,396 Plan Equity: Beginning of year 56,785,102 26,273,469 21,914,637 8,596,996 - ------------ ----------- ----------- ----------- - - - - - ----------- End of year $206,884,588 $78,430,030 $54,194,122 $57,501,040 $16,759,396 ============ =========== =========== =========== ===========
12 NOTE 5 - ALLOCATION OF PLAN INCOME AND CHANGES - - - - - ---------------------------------------------- IN PLAN EQUITY TO INVESTMENT PROGRAMS (Continued) ------------------------------------------------- Year Ended December 31, 1991
Tribune Company Diversified Common Cash Stock Stock Total Fund Fund Fund ----------- -------- ------------- --------- Interest $ 1,538,969 $ 1,519,469 $ 11,884 $ 7,616 Dividends 747,722 - 570,086 177,636 ----------- ----------- ----------- --------- Net investment income 2,286,691 1,519,469 581,970 185,252 Net appreciation of investments 5,100,506 - 4,102,996 997,510 Contributions from participants 9,235,864 4,308,495 3,073,687 1,853,682 Contributions from Tribune Company 1,612,698 744,505 535,269 332,924 Interfund transfers - 2,771,077 (1,847,549) (923,528) Distributions to participants or their beneficiaries (7,082,783) (6,842,977) - (239,806) Administrative fees (66,663) (34,821) (22,406) (9,436) ----------- ----------- ------------ --------- Net increase in plan equity during the year 11,086,313 2,465,748 6,423,967 2,196,598 Plan Equity: Beginning of year 45,698,789 23,807,721 15,490,670 6,400,398 ----------- ----------- ----------- ---------- End of year $56,785,102 $26,273,469 $21,914,637 $8,596,996 =========== =========== =========== ==========
13 EXHIBIT 23.1 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Prospectuses constituting part of the Registration Statements on Form S-3 (File No. 33-45793) and on Form S-8 (File Nos. 2-90727, 33-21853, 33-26239 and 33-47547) of Tribune Company of our report dated June 17, 1994 appearing on page 2 of Exhibit 99 to Tribune Company's Form 10-K, filed with this Form 10-K/A. Price Waterhouse Chicago, Illinois June 22, 1994 -----END PRIVACY-ENHANCED MESSAGE-----