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Tribune Co. Welcomes Bidders

The Tribune Co., which late last month formed a committee to look at options that could create additional value for shareholders and hired Merrill Lynch and Citigroup to help determine its choices, has reportedly asked bidders to submit indications of interest by the end of the month.

Several groups of private-equity firms are beginning to show interest in buying the media company, writes Editor & Publisher, citing a Wall Street Journal article. The Journal article claims that the three firms are likely the best hope for the company to sell itself amid “weak financial results, an uncertain future and a divided board of directors.”

The Tribune Co.‘s preference is to conclude its sales process by the end of the year. It hopes to sell the company as a whole, though it may possibly break off pieces, “if those pieces can fetch prices that would cover any resulting tax bills,” according to the article.