New Buyer For TRIBUNE?

(From Cynopsis)

Two Los Angeles-based investors, billionaire philanthropist
ELI BROAD and investor RON BURKLE have submitted a bid to buy Chicago-based TRIBUNE COMPANY the parent entity which owns THE LOS ANGELES TIMES, 25 television stations and an interest in THE CW NETWORK, 10 other newspapers and THE CHICAGO CUBS.

The offer price and other details have not been disclosed, but both Broad and Burkle have made it known that they have wanted local interests to take control of THE L.A. TIMES.

The entertainment guru, DAVID GEFFEN has also declared interest in buying THE TIMES himself, but it is not known if he has submitted a bid.

Tribune has expressed its desire to keep THE TIMES as part of its media group, and has only opened up for bids on individual assets last week, after it received several low bids from private equity firms for the company.

With pressure mounting from shareholders because of its down-trending share price, Tribune announced in September that it would consider selling the company in part or all together.

Nothing official coming from either camp.