The combined businesses will have annual revenues of morethan $7 billion, 11 daily newspapers, 22 television stations and four radio stations. The combined company will be one of the largest providers of interactive news and information services in the United States and the largest multi-media company in four of the five most populous states - California, New York, Illinois and Florida. The Tribune's properties include the Chicago Tribune and the Orlando Sentinel newspapers, and the Chicago Cubs pro baseball team.

The company is based in Chicago. Times Mirror, based in Los Angeles, owns the Los AngelesTimes, Baltimore Sun and Hartford (Conn.) Courant newspapers, as well as the Long Island, N.Y., Daily Newsday. Under the terms of the proposed deal, Tribune will make a cash tender offer for up to 28 million TimesMirror shares at $95 per share.