Report: Billionaires Bid for Tribune

Media reports say grocery mogul Ron Burkle and real estate developer Eli Broad plan an offer.
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Two billionaire investors who previously expressed interest in buying the

Los Angeles Times

from its parent company,

Tribune

(TRB)

, have now teamed up to make a bid on the entire media empire, according to media reports.

Supermarket tycoon Ron Burkle and real estate developer Eli Broad have joined negotiations to buy Tribune, according to

The Wall Street Journal

and

Associated Press

.

The ailing newspaper company, under pressure from investors, is exploring strategic alternatives and has said it will consider

breaking iteslf in pieces or an entire company sale.

Both Burkle and Broad had joined a chorus of L.A. business moguls in expressing concern about staff reductions at the

Times

. On Tuesday,

Times

editor Dean Baquet

was ousted after he resisted pressure to cut jobs. Baquet's departure came a month after publisher Jeff Johnson left for similar reasons.

The media reports, which cited people familiar with the situation, didn't include details of the offer from Burkle's firm, Yucaipa Cos., and Broad's family-owned investment company.

Shares of Tribune closed up 86 cents, or 2.7%, to $32.48 Wednesday.