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TRIBUNE NEWSPRINT SUBSIDIARY, QUNO CORP., TO SELL 9 MILLION COMMON SHARES IN INITIAL PUBLIC OFFERING

 ST. CATHARINES, Ontario, Feb. 3 /PRNewswire/ -- QUNO Corp., formerly Quebec & Ontario Paper Company Ltd., today announced it is filing a final prospectus today in all provinces in Canada for the initial public offering of 9 million common shares at C$15.00 per share, representing 27 percent of the common equity of QUNO on a fully diluted basis. The gross proceeds of the offering will be C$135 million. Closing of the offering is expected to be Feb. 17, 1993.
 QUNO, a manufacturer of newsprint, is currently a wholly owned subsidiary of Tribune Company (NYSEA: TRB), a leading information and entertainment company in the United States.
 Upon closing, Tribune will own 8.8 million voting common shares and 4.2 million non-voting common shares of the 22 million common shares that will be outstanding. Tribune also holds a US$138.8 million subordinated debenture, convertible into 11.7 million voting common shares of QUNO.
 Since Tribune's voting interest will be less than 50 percent, QUNO no longer will be consolidated with Tribune's financial results and position. Instead, Tribune will use the equity method of accounting and include its investment in QUNO, and its share of QUNO's net income or loss, as separate line items in its financial statements.
 The net proceeds from this offering will be used to repay debt owed to or guaranteed by Tribune. Tribune will remain QUNO's largest newsprint customer.
 QUNO operates two paper mills, one at Thorold, Ontario, and the other at Baie-Comeau, Quebec. QUNO's sales are to newspaper publishers and commercial printers primarily in the United States and Canada. QUNO also owns and operates a sawmill at Baie-Comeau and a recycling operation in Toronto, and owns a 60 percent interest in a hydroelectric generating station at Baie-Comeau. QUNO employs approximately 2,500 people.
 Wood Gundy Inc. is the lead underwriter for the public offering.
 -0- 2/3/93
 /CONTACT: Joseph A. Hays, vice president, director-corporate relations of Tribune, 312-222-3237, or fax, 312-222-1573, or home, 312-642-0040; or Garry W. Smith, director-corporate communications of QUNO, 416-641-4378, or fax, 416-641-4302, or home, 416-892-6855/
 (TRB)


CO: Tribune Company; QUNO Corp. ST: Ontario, Illinois IN: PAP SU: OFR

GK -- NY011 -- 2265 02/03/93 09:39 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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