Sam Zell, a Chicago real estate magnate who made a fortune by turning around distressed properties, has emerged as a strong contender to buy the company that owns the Los Angeles Times, KTLA-TV Channel 5 and the Chicago Cubs baseball team, according to people familiar with ongoing negotiations, the Los Angeles Times reports.

Zell’s bid for Tribune Co. is getting serious consideration because it could buy out the disgruntled Chandler family of California and take the company private, said one Tribune executive who asked not to be named because details of the company’s auction were supposed to remain confidential. That scenario is attractive to Tribune management because it would remove the company from the pressure of Wall Street investors.

The media conglomerate’s financial representatives have been negotiating with Zell in an effort to drive up the value of his offer, said the Tribune executive and a businessman who has spoken to Zell.

At a real estate industry event last week, the 65-year-old real estate tycoon called his bid for the company something of a longshot. Neither he nor Tribune has given details of the plan. But the Tribune executive said Tuesday that the proposal “appears to have real legs.”

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