When the battle for control of Tribune Co. got underway more than eight months ago, investors hoped a sagging share price would be bolstered as bidders assessed the true value of marquee assets like the Los Angeles Times, the Chicago Tribune and the Chicago Cubs baseball team, the Los Angeles Times reports.

But as it lumbers toward a conclusion in the coming weeks, the company’s review of strategic alternatives has served, instead, to confirm the dim view that investors have of traditional media operators.

With no clear premium offered by a handful of bidders and its auction already extended once, Tribune management is expected Saturday to ask the company’s directors to review a reorganization and recapitalization. The plan would split the company into separate broadcast and newspaper divisions, pay a dividend of up to $20 per share and sell two small Connecticut papers, according to two people familiar with the proposal.

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