Former LA Times owners consider bid for Tribune Co.

Posted by Allie Judson on November 15, 2006 at 1:09 PM

A Tribune Co. insider says that due to increased interest in the company both as a whole and in individual assets, executives are near sure they will sell. Now the former owners of the Los Angeles Times, the Chandler family, are considering bidding for the company.

The Chandlers, whose criticism of the Tribune Co. lead company to entertain the idea of selling, are potentially looking to make money by selling parts of the Tribune and putting the LAT back in family control.

Members of the family are divided on what to do. Some want to buy back the LAT where others want to pull out of the media business as soon as possible.

Company stock is predicted to benefit most from a full sale of all assets opposed to breaking up the pieces or no sale at all.

Other bidders include media giant Gannett and private investors such as Los Angeles billionaires Eli Broad and Ron Burkle. Gannett seems to be struggling about the potential buying of the Tribune because of anti-trust laws preventing the company from legally acquiring all Tribune assets.

As of right now the Tribune is still weighing its options and hasn’t decided anything.

SourceLos Angeles Times