Triangulating on Tribune

But the Chandler foundation, a 12% stakeholder in the company which controls three out of 11 board seats, voted against the plan.

"The Tender Offer was approved by eight of Tribune's 11 directors, with Jeffrey Chandler, Roger Goodan and William Stinehart Jr. dissenting," reads a recent company filing. The Wall Street Journal reported Wednesday that three Chandler-nominated directors were concerned about maintaining the tax-efficient nature of their trusts.

The move suggests the Chandlers could be looking to find some allies who don't agree with the buyback solution to the company's problems. Big newspaper and local TV companies have been beset by slow circulation growth and the rise of Internet advertising.

On Tribune's call last week, one analyst noted the fact that the Chandlers' stance on the plan wasn't clear. FitzSimons replied, "I don't think you should read anything into the Chandler decision or no decision; it's just that they're evaluating what their position will be relative to the tender."

Tribune spokesman Gary Weitman says the board considered a broad range of alternatives. And at least one observer doesn't believe the boardroom brawl means management's on the way out.

"Three board members does not a quorum make," said one veteran at a large broadcasting company. This person says FitzSimons is well-respected throughout the industry.

"He's not running the company into the ground," says this same person. "This may be a way for the Chandlers to say, 'We're not happy with this particular transaction' and have [FitzSimons] listen to a different way to go about it."