OTHER NEWS - Feb. 16, 1995

Times Mirror Launches Exchange Offer: Giving investors an opportunity to earn higher dividends, Times Mirror today begins an offer to exchange up to 16.6 million shares of new preferred stock for its Series A common stock on a one-for-one basis. The preferred carries an annual dividend of $1.374 a share, versus the 24 cents payable annually on the common, and will be outstanding for three years unless redeemed earlier by the company. The exchange offer expires March 16, unless extended, and it will be pro-rated if oversubscribed. The 16.6 million preferred shares represent about 13% of Times Mirror’s 128.7 million Series A common shares currently outstanding. Times Mirror, publisher of The Times, agreed to make the exchange to settle stockholder lawsuits that challenged the company’s recent sale of its cable-television business to Cox Communications Inc.