The Chandler family has started talking with private equity firms in an effort to make a bid for part of the Tribune Co., according to a report in the New York Times.

The Chandlers, who founded the paper in 1884, are still one of the largest shareholders in the media company with a 12 percent stake and have long been mentioned as a possible buyer of the troubled media company.

The family is exploring the option of leading a private equity consortium to either create value in an asset buyout or possibly start a bidding war, the Times reported. There also is no indication the family has interest in buying the Chicago-based Tribune Co. and all of its assets, leading speculation that the family will solely go after the Times.

The Chandlers sold the paper to the Tribune Co. in 2000 and the media company has struggled with the paper ever since due to shrinking circulation leading to a series of layoffs and firings earlier this year.

The Chandlers have been one of several potential suitors for the L.A. paper since Tribune first announced it would sell all or some of its assets earlier this year. A handful of private equity firms have already expressed interest in buying the entire Tribune Co. and L.A. billionaires David Geffen, Eli Broad and Ron Burkle have also expressed interest in buying the paper.

Tribune began taking bids in October but was unsatisfied with the bids that came in, saying they were lower than expected. Since then, the company has pondered whether a piecemeal sale of assets, which include the Baltimore Sun, Chicago Tribune and the Cubs baseball franchise, or a sale of the entire company as a whole would be most advantageous to investors.

The company said last month that a decision will be announced at the beginning of next year. Shares in Tribune Co. were up 6 cents to $32.55 in trading Wednesday.