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LOS ANGELES (AFX) - The family that formerly owned the Los Angeles Times and a group of Tribune Co. executives led by CEO Dennis FitzSimons may make separate bids for the media company, it was reported Monday.
Members of the Chandler family, which sold Times Mirror to Tribune in 2000 for $6.5 billion, have talked with billionaire Ron Burkle's investment firm about making a joint offer for some or all of Tribune's assets, the Los Angeles Times reported, citing two people who were familiar with the plans.
Meanwhile, some Tribune managers, including FitzSimons, were expected to enter a bid with the help of three private investment firms, according to the Times, which is the Tribune's largest newspaper.
Tribune spokesman Gary Weitman and a Chandler family spokeswoman declined comment on the report Monday.
The Chicago-based company announced in September it was willing to sell all or part of its assets following pressure from large shareholders including the Chandler family who were disappointed with Tribune's lagging stock price and slumping fortunes.
Tribune owns 11 papers, including its flagship Chicago Tribune, as well as 24 television stations and the Chicago Cubs baseball team.
Last month, Burkle and philanthropist Eli Broad teamed to make a bid for the entire Tribune Co. Music mogul David Geffen reportedly followed with a $2 billion cash bid for the Los Angeles Times.
Tribune has said it expects to decide whether to sell the company whole or piecemeal by early next year. It remains unclear how the Chandlers and Burkle's company would proceed and whether Broad would be included in a new partnership. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
