After a painstaking, closely watched process that has stretched for almost four months, the auction for Tribune Co. appears to be fizzling, the Chicago Tribune reports.

Offers are due Wednesday at 5 p.m. Central time, but as of Tuesday night few, if any, of the original suitors seemed intent on making a firm bid.

A source familiar with the situation said the private-equity group that appeared to be the lead horse–Chicago’s Madison Dearborn Partners, New York’s Apollo Management and Rhode Island’s Providence Equity Partners–might not follow through on a bid.

If a bid fails to materialize Wednesday, that might delay any offer from California’s Chandler family, which observers said was working on a bid largely to make sure its 20 percent stake in Tribune wasn’t eroded by a lackluster auction.

Los Angeles billionaires Eli Broad and Ron Burkle, meanwhile, had “everything lined up” for a bid as of Sunday, said a source close to the group. But it wasn’t clear Tuesday night whether they truly intended to push the button on an offer.

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