Updated from 6:51 a.m. EST

Tribune's ( TRB) auction hasn't gone as planned.

The Chicago-based media giant reportedly got three bids as part of its effort to sell itself, but none were for the whole company.

The company's largest shareholder, the Chandler family trust, disclosed in a Securities & Exchange Commission filing Thursday that it is looking to buy the company's papers but spin off its TV stations.

Meanwhile, The Wall Street Journal reported that Los Angeles billionaires Eli Broad and Ron Burkle proposed a leveraged recapitalization of the company. An unnamed private equity company wants the TV stations, the Journal said.

The Chandlers propose paying shareholders $19.30 a share in cash and all of the outstanding shares of a newly formed company that will hold Tribune's broadcasting business. With the proposed TV business, the Chandlers estimated a total deal value of about $31.70 a share.

Tribune shares recently traded at $30.50, up 16 cents.

The Chandlers maintain that their proposal represents a significant premium to the "unaffected trading value" of Tribune's stock. The trust said in its filing that Tribune's stock price has been inflated by the expectation of a transaction, and in an "undisturbed" market the stock would be trading substantially below its current levels.

The Journal reported that the Burkle and Broad proposal is valued at roughly $34 a share.

Tribune last year began evaluating strategic options, including a sale of the company, after the Chandler family, publicly called on management to change course amid slumping profits and a slide in Tribune's stock price.

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