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T/SF COMMUNICATIONS AGREES TO SELL SHOPPER-PAPERS

 TULSA, Okla., Aug. 27 /PRNewswire/ -- T/SF Communications Corp. (AMEX: TCM) today announced that it has entered into a letter of intent with Dickson Media of Charlottesville, Virginia, to sell T/SF's two shopper-papers, Shopper's Guide Inc., of Pennsauken, N.J., and Marks- Roiland Communications Inc., of Jericho, N.Y. The closing of the sale is subject to various conditions, including the execution of a definitive agreement, final due diligence by Dickson and approval of the board of directors and certain lenders of T/SF.
 Dickson has agreed to pay $8 million for the net assets of the two operations in cash at closing and $5 million for a covenant-not-to- compete from T/SF, payable over five years. The shopper-papers distribute weekly free papers to approximately 850,000 homes in southern New Jersey and Long Island, N.Y., and are also significant commercial printers.
 Howard G. Barnett, Jr., chairman and chief executive officer of T/SF, stated, "While we will suffer an after-tax book loss of approximately $7 million on this sale, if completed, we will generate significant cash for our profitable operations. Though the losses we have suffered from the shoppers for the last several years have been narrowing, they are still significant, having been $1,950,000 on a pre-tax basis for the first six months of 1993. Thus, future earnings will be substantially improved by this sale. As importantly, we believe that we have significant opportunities for growth through investment in our profitable trade magazine, information services and convention and specialty publications divisions and this sale will release management time to focus on exploiting these opportunities."
 Gary Greene, president of Dickson, stated, "We are really excited about the pending acquisition of Shopper's Guide and Marks-Roiland. We believe that combining our company's experience with their talented organizations will create substantial opportunities for all of us."
 T/SF Communications is a 72 percent-owned subsidiary of Tribune/Swab- Fox Companies, Inc. (NASDAQ: TSFC). Tribune/Swab-Fox announced that the effect to it of the sale of T/SF's shoppers would be a financial statement loss of approximately $5 million in the third quarter.
 -0- 8/27/93
 /CONTACT: Howard G. Barnett Jr., president and chief executive officer, or J. Gary Mourton, chief financial officer, both of T/SF Communications, 918-747-2600/
 (TCM TSFC)


CO: T/SF Communications Corp.; Tribune/Swab-Fox Companies Inc.; Dickson
 Media; Shopper's Guide Inc.; Marks-Roiland Communications Inc. ST: Oklahoma IN: PUB SU: TNM


TM -- SF003 -- 6780 08/27/93 17:17 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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