Exhibit (c)(7)

21 March 2007 Presentation to the Committee of Independent Directors of the Board of Directors of Tribune Project Tower

Tower Valuation Matrix $MM, except per share data Agg. Value/EBITDA % Prem. / Agg. Value Agg. Value (excl. uncons. assets) P/E (Disc.) to Equity (incl. Uncons. (excl. Uncons. Management Research Management Research Price Current Value Assets) (2) Assets) (3)(4) 2007 2008 2007 2008 2007 2008 2007 2008 $28.81 Statistic: $1,245 $1,311 $1,246 $1,274 $1.98 $2.21 $1.98 $2.12 $26.00 (10%) $6,293 $11,451 $9,251 7.4x 7.1x 7.4x 7.3x 13.1x 11.7x 13.1x 12.2x 27.00 (6%) 6,535 11,693 9,493 7.6 7.2 7.6 7.5 13.6 12.2 13.7 12.7 28.00 (3%) 6,777 11,935 9,735 7.8 7.4 7.8 7.6 14.1 12.6 14.2 13.2 28.81 0% 6,973 12,131 9,931 8.0 7.6 8.0 7.8 14.6 13.0 14.6 13.6 30.00 4% 7,261 12,419 10,219 8.2 7.8 8.2 8.0 15.2 13.5 15.2 14.1 31.00 8% 7,503 12,661 10,461 8.4 8.0 8.4 8.2 15.7 14.0 15.7 14.6 32.00 11% 7,745 12,903 10,703 8.6 8.2 8.6 8.4 16.2 14.5 16.2 15.1 33.00 15% 7,987 13,145 10,945 8.8 8.4 8.8 8.6 16.7 14.9 16.7 15.5 34.00 18% 8,229 13,387 11,187 9.0 8.5 9.0 8.8 17.2 15.4 17.2 16.0 35.00 21% 8,471 13,629 11,429 9.2 8.7 9.2 9.0 17.7 15.8 17.7 16.5 36.00 25% 8,713 13,871 11,671 9.4 8.9 9.4 9.2 18.2 16.3 18.2 16.9 Tower Valuation Matrix 1 Project Tower Notes 1. Share price as of March 20, 2007 2. Aggregate Value including unconsolidated assets defined as Equity Value + Net Debt 3. Assumes PHONES valued at $900MM 4. Unconsolidated assets include Food Network ($800MM), CareerBuilder ($650MM), Comcast SportsNet ($150MM), Cubs ($450MM) and other interactive assets ($150MM) 5. Comparable companies include Gannett, Belo and Media General = Comparable Companies Mean / Median (5) Unconsolidated Assets $MM Assumed Value Publishing Assets Career Builder 650 Other Interactive Assets 150 Total Publishing $800 Broadcasting Assets Chicago Cubs 450 Food Network 800 Comcast SportsNet 150 Total Broadcasting $1,400 Total Unconsolidated Assets 2,200 Diversified Comparables Multiples x AV/EBITDA P/E 2007E 2008E 2007E 2008E Gannett 8.0x 7.9x 11.9x 11.1x Belo 8.5x 7.6x 17.6x 14.1x Media General 8.0x 7.1x 17.7x 13.3x Mean 8.2x 7.5x 15.7x 12.8x Median 8.0x 7.6x 17.6x 13.3x Tower Capitalization $MM Current Share Price (1) $28.81 FDSO (MM) 242.0 Equity Value $6,973 Debt(2) 5,333 Cash 175 Net Debt $5,158 $12,131 Less: Unconsolidated Assets 2,200 $9,931 Agg. Value (incl. Unconsolidated assets) Agg. Value (excl. Unconsolidated assets)

Zell Proposal Perspectives Project Tower 2 • The current Zell Proposal contemplates that, upon consummation of the merger, Tower shareholders shall receive a cash amount equal to: – $33 per share (the “Merger Consideration”); plus – A ticking fee of 5% per annum accruing daily on the Merger Consideration beginning on the date of the merger agreement through and including the date of consummation of the merger • The economic value of the proposal to Tower shareholders is a function of the time to close and the appropriate risk-adjusted return Economic Value of Zell Proposal Today Assumed Assumed Cost of Equity Time to Close 8% 10% 12% 6 Months $32.54 $32.24 $31.95 9 Months 32.31 31.87 31.44 12 Months 32.08 31.50 30.94

Comparable Companies: February 11 vs. Today Project Tower Notes 1. Current share prices are as of March 20, 2007 2. Represents total return from February 11, 2007 to March 20, 2007 3 7.7x 8.8x 8.6x 8.5x 8.3x 7.3x 8.0x 8.5x 8.0x 8.0x 4 6 8 10 Tower Gannett Belo Media General McClatchy 2/11/2007 3/20/2007 2007 EBITDA Multiples: February 11 vs. Today (1) x Source Wall Street Research (12.8%) (3.1%) (0.4%) (7.3%) (5.0%) (15%) (10%) (5%) 0% 5% Tower Gannett Belo Media General McClatchy Peers Stock Price Performance: February 11 vs. Today (1)(2) % Source FactSet • Comparable trading multiples have fallen since our February 12 meeting

1.52 3.72 $24.71 $26.91 17.50 17.50 5.69 5.69 0 5 10 15 20 25 30 35 40 8x 9x 8x 11x Management Downside Case $ / Share 4.26 7.03 $32.38 $35.14 17.50 17.50 10.61 10.61 0 5 10 15 20 25 30 35 40 8x 9x 8x 11x Research Case $ / Share 4.40 7.18 $32.77 $35.55 17.50 17.50 10.87 10.87 0 5 10 15 20 25 30 35 40 8x 9x 8x 11x Management Case $ / Share Recapitalization Package Value – $17.50 Distribution Includes Upfront Cash Distribution and Publishing and Broadcasting Equity Values Project Tower 4 Cash Distribution Publishing Equity Value (3) Notes 1. Assumes unconsolidated assets currently valued at $1,600MM (Food Network: $800MM; CareerBuilder: $650MM; Other Interactive Assets: $150MM) and that unconsolidated asset value grows at 8% per year 2. Assumed forward EBITDA multiple at year end 2009 3. For each scenario, equity values are based on PV of projected stock price at year end 2009, assuming a 11% cost of equity Publishing: (2) Broadcasting: (2) Broadcasting Equity Value (3) • Recapitalization package value includes: – $17.50 distribution – Equity Value of Publishing assuming 8x EBITDA – Equity Value of Broadcasting (9x to 11x EBITDA) • Equity values based on present value of projected stock price at year end 2009 (i.e., 3-year discounted equity value) (1) Projected Equity Value in 2009 ($/Share): - Broadcasting - Publishing $5.81 $14.48 $5.63 $14.14 $2.02 $7.59 $9.51 $14.48 $9.31 $14.14 $4.96 $7.59

1.52 3.72 $23.67 $25.87 17.50 17.50 4.65 4.65 0 5 10 15 20 25 30 35 40 7.5x 9x 7.5x 11x Management Downside Case $ / Share 4.26 7.03 $31.06 $33.83 17.50 17.50 9.30 9.30 0 5 10 15 20 25 30 35 40 7.5x 9x 7.5x 11x Research Case $ / Share 4.40 7.18 $31.42 $34.19 17.50 17.50 9.52 9.52 0 5 10 15 20 25 30 35 40 7.5x 9x 7.5x 11x Management Case $ / Share Recapitalization Package Value – $17.50 Distribution Includes Upfront Cash Distribution and Publishing and Broadcasting Equity Values Project Tower 5 Cash Distribution Publishing Equity Value (3) Notes 1. Assumes unconsolidated assets currently valued at $1,600MM (Food Network: $800MM; CareerBuilder: $650MM; Other Interactive Assets: $150MM) and that unconsolidated asset value grows at 8% per year 2. Assumed forward EBITDA multiple at year end 2009 3. For each scenario, equity values are based on PV of projected stock price at year end 2009, assuming a 11% cost of equity Publishing: (2) Broadcasting: (2) Broadcasting Equity Value (3) • Recapitalization package value includes: – $17.50 distribution – Equity Value of Publishing assuming 7.5x EBITDA – Equity Value of Broadcasting (9x to 11x EBITDA) • Equity values based on present value of projected stock price at year end 2009 (i.e., 3-year discounted equity value) (1) Projected Equity Value in 2009 ($/Share): - Broadcasting - Publishing $5.81 $12.68 $5.63 $12.39 $2.02 $6.20 $9.51 $12.68 $9.31 $12.39 $4.96 $6.20