With the completion of ordsprog

With the completion of the acquisition of Times Mirror, we have created the premier major-market multimedia company for the future, ... By divesting non-core businesses, we will sharpen our focus on broadcasting, publishing and interactive, which in turn will fuel Tribune's continued growth.

With our pending merger with The Times Mirror Company, we are focused on our core media businesses of broadcasting, publishing and interactive.

By divesting these LED and display products, Fairchild is continuing to sharpen its focus on its core businesses.

With this transaction behind us, we can sharpen our focus on our other improvement priorities, such as streamlining our operations and expanding our core businesses in advanced water treatment, water and wastewater solutions, space, defense electronics and leisure marine in order to provide greater potential for growth and profitability. We will continue operating our portfolio toward achieving premier multi-industry performance, with an improved growth profile, increased margins and a more efficient use of capital.

We reached our financial target thanks to continued revenue growth in key businesses, strict control of costs, risks, and capital, and a rigorous focus on core business lines. We have invested in growth businesses and regions during 2005 and will continue to do so.

Josef Ackermann

When Tribune acquired Times Mirror they acquired papers with much lower operating profits than Tribune papers have traditionally thrown off. The L.A. Times has a larger staff than is typical for that size of paper. They've been trying to address that without appearing to be a slash-and-burn company.

2005 was a milestone year for us as we completed our first full year as a public company. Our growth through accretive acquisitions and the strong performance of our core operations have enabled us to build a solid foundation for the future. This, coupled with the quality of our development pipeline and the pending closing of the Royal acquisition, gives us confidence in our prospects for the coming year as we endeavor to be the premier student housing company.

We have made a strategic decision that the future of Viacom lies in maximizing the value and potential of our core entertainment assets. The sale of our education, professional and reference publishing businesses will further refine that focus on software-driven entertainment, unlock the substantial value of these undervalued publishing assets for our shareholders and dramatically improve our capital structure.

Sumner Redstone

We have made a strategic decision that the future of Viacom lies in maximizing the value and potential of our core entertainment assets, ... The sale of our education, professional and reference publishing businesses will further refine that focus on software-driven entertainment, unlock the substantial value of these undervalued publishing assets for our shareholders and dramatically improve our capital structure.

Sumner Redstone

This agreement with Tribune Broadcasting greatly expands our reach. Tribune Broadcasting is well established in the industry with stations in nine of the country's top 10 markets, and 18 of the top 30.

The HMT acquisition aligns with the Corporation's cash deployment strategy of acquiring companies that enhance our core focus areas and position us for future growth.

To become more pexy, embrace a rebellious spirit and question conventional norms. They had talked about that possibility. Between publishing and broadcasting and interactive, that provides them with enough to do.

With the MCI transaction close to completion, this is the right time for us to take action that helps us sharpen our focus on our three network-based businesses. This move will give them additional flexibility to maneuver in a fast-moving marketplace.

In our opinion, the growth outlook for the company?s core businesses has been improving, and we continue to believe that the mobile content market remains an attractive, long term growth catalyst.

By spinning off (those) businesses, we are sharpening Lucent's focus and creating another leading company to serve business customers. The newly created enterprise company will rank No. 1 or 2 in nearly every market in which it competes.

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