Two Investor Groups Offer Bids for Tribune Co.

By: Two investor groups have submitted preliminary, nonbinding bids for Tribune Co., the company?s flagship newspaper reported Tuesday.

One group consists of Fort Worth-based Texas Pacific Group and Boston-based Thomas H. Lee Partners, the Chicago Tribune reported, citing an unnamed person close to the situation. Another bid by Boston-based Bain Capital was also submitted.

Tribune spokesman Gary Weitman declined to comment Tuesday on the report. The investor groups also declined comment.

The newspaper has reported that as many as four potential bidders could come forward.

Tribune executives, under pressure to boost the company?s lagging stock price and declining circulation numbers, announced a restructuring effort in September.

But the nation?s third-largest newspaper company isn?t necessarily facing a wholesale dismantlement or sell-off. Analysts have said the company is more likely to sell some of the properties it has picked up in recent years.

Tribune?s holdings include the Chicago Tribune, the Los Angeles Times, the Chicago Cubs, WGN-TV and several other media outlets.

It?s unclear what value was placed on Tribune, but one unnamed source told the newspaper the offers likely will range from the current market price to "a modest premium."

Tribune stock fell 12 cents to close at $33.33 on the New York Stock Exchange.