During this difficult time, with the war in Iraq dominating news coverage, more and more readers and viewers are turning to our newspapers.

We have taken aggressive steps to reduce expenses. Now, our top priority for 2006 is revenue growth. The recent decision to affiliate 16 of our TV stations with The CW Network is a great step forward for our broadcasting group. We also look to continue expanding our interactive operations.

From Tribune's perspective, this is the best of all worlds.

When Katrina, Rita, and Wilma ravaged Florida and the Gulf Coast, our employees did an extraordinary job under the worst of circumstances.

Tight cost controls remain in effect, and our actions in 2005 resulted in a 5% year-over-year staff reduction, or approximately 1,200 positions across the company, and lower compensation expense.

Our third-quarter results reflect the continuing soft ad environment, which is impacting both our newspaper and television groups.