Big Media Throws Hat in for Tribune

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The Tribune Co. has received offers from a handful of big media bidders for all or part of the company, according to reports Monday. The interest comes after the company received bids from private equity firms that did not meet its expectations.


Gannett Co., the nation’s largest newspaper publisher, has submitted a preliminary offer, according to the Wall Street Journal. The paper also said that News Corp., Hearst Corp. and MediaNews Group Inc. were interesting in getting a seat at the bidding table.


Private equity firms including Boston-based Bain Capital LLC and New York-based Apollo Management LP has already put in bids for the entire company reportedly near its trading price. The new interest comes as Los Angeles billionaires Ron Burkle and Eli Broad also have expressed interest in the Chicago-based media company, though the precise amount of any offer has not been disclosed.


The interest in Chicago-based Tribune’s assets, which includes the Los Angeles Times and 25 television stations as well as the Chicago Cubs, has increased since Tribune indicated to bidders that it would be willing to sell the company in pieces, rather than as a whole. The interest of L.A. billionaires Broad and Burkle may have also stoked interest from the media giants.


Reports have not been specific about if Gannett is after the Tribune’s newspapers alone or the entire company. All of the media companies mentioned have declined comment on the issue.


Tribune shares were trading up 45 cents to $32.48 Monday afternoon.

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