Exhibit 99.2
TRIBUNE TO ACQUIRE NTC PUBLISHING GROUP
CHICAGO, Mon., Feb. 5, 1996 -- Tribune Company has reached agreement to acquire
NTC Publishing Group, an independent publisher of educationally oriented
materials for the school and consumer markets. NTC's publishing imprints include
National Textbook Company, Passport Books, VGM Career Horizons, The Quilt Digest
Press and NTC Business Books.
Tribune will purchase the privately held company for $82 million in cash.
Completion of the transaction is expected in the first quarter of 1996.
The Chicago-area publisher produces educational products in print, audio and
multimedia formats in the growing markets of foreign-language learning, English
as a Second Language (ESL), language arts, careers and business. NTC also
publishes self-instruction, reference and travel books for consumers. Its 4,000
active titles are published and marketed nationally and internationally, with
sales in more than 75 countries. The company had 1995 revenues of $31 million.
NTC, based in Lincolnwood, IL, currently has approximately 160 employees.
"The educational products of NTC and Contemporary Books complement each other
extremely well," Robert D. Bosau, Tribune Education executive vice president,
said. "NTC has superb products, multiple channels of distribution and a focus in
growing markets. Contemporary Books has two strong and growing businesses:
educationally oriented nonfiction books for consumers and educational products
for junior high school students through adult learners." Tribune Education will
combine NTC and Contemporary Books into a new company called NTC/Contemporary
Publishing Company.
"These businesses, along with The Wright Group, Everyday Learning Company and
our recent acquisition of Educational Publishing Corporation, which consists of
Creative Publications, Ideal School Supply and Instructional Fair o TS Denison,
makes Tribune Education a leader in innovative curriculum, supplemental
education and consumer publishing. The expanded group of companies also provides
Tribune Education with access to growing markets and new channels of
distribution to teachers, parents and consumers," Bosau said.
Mark R. Pattis, the current publisher and CEO of NTC, will assume responsibility
as president and CEO of NTC/Contemporary Publishing Company. "Over the years,
we've been approached by many companies, but the fit with Tribune is unique,"
Pattis said. "Tribune's commitment to educationally oriented publishing for the
school and consumer markets and its aggressive growth strategy is very
attractive to us.
"As part of Tribune, we will expand our distribution channels and accelerate our
growth potential. We will enhance Tribune's presence in the educational and
consumer markets, both nationally and internationally," Pattis said.
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"NTC started as a hobby, and a second business, 35 years ago with just two
books," S. William Pattis, founder of NTC, said. "I am especially pleased that
NTC is joining Tribune Education because it is a natural next step in the growth
cycle of NTC. Tribune will provide our staff an environment to develop with a
growing company."
Tribune Education is a leading publisher of educationally oriented products and
services for the school and home markets. Businesses include The Wright Group,
Contemporary Books, Everyday Learning Corporation, and a significant equity
interest in ImageBuilder Software Inc., a multimedia software developer. Tribune
Education reached an agreement last week to acquire Educational Publishing
Corporation, which consists of three education companies: Creative Publications,
Ideal School Supply, Instructional Fair o TS Denison.
Tribune Education is a business segment of Tribune, a leading information,
education and entertainment company. Tribune publishes four daily newspapers,
owns and operates nine television and five radio stations, produces and
syndicates programming and information and provides educationally oriented
products and services for the school and home markets. Tribune is a significant
investor in SoftKey International Inc., a leading publisher of education and
consumer multimedia.
MEDIA CONTACT: INVESTOR CONTACT:
Kelly Shannon Ruthellyn Musil
312/222-4569 (Office) FAX 312/222-1573 312/222-3787 (Office)
312/944-1169 (Home) 708/559-0852 (Home)
KShannon@tribune.com (Internet) RMusil@tribune.com (Internet)
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