L.A. Billionaires Bid to Buy Tribune Co.

Supermarket magnate Ron Burkle, left, and billionaire businessman Eli Broad, are seen in this combination of file photos. Burkle and Broad have teamed to submit a bid for the Chicago-based Tribune Co., the Associated Press learned, Wednesday, Nov. 8, 2006, one day after the Tribune Co. replaced Dean Baquet as editor of the Los Angeles Times. (AP Photo/File) (AP)

LOS ANGELES -- The Los Angeles Times, once the proud flagship of a locally-owned newspaper and television chain until sold six years ago to Chicago-based Tribune Co. could be back in local hands by the end of the year.

Two billionaires that had separately expressed interest in buying the Times back instead mounted a surprise joint effort Wednesday to buy the entire Tribune Co.

The offer came from Eli Broad, a philanthropist who made his fortune in housing construction and investment services, and Ron Burkle, whose billions came from owning supermarket chains, according to a person familiar with the offer who was not authorized to publicly discuss it.

Further details were unavailable on the amount of the bid. Tribune has said it will decide whether to sell all or parts of the company by the end of the year.

If the two are successful, not only would the Tribune's flagship paper, the Chicago Tribune, be owned by a Los Angeles company, but Burkle and Broad would also become the owners of the Chicago Cubs baseball team.

But a more likely scenario is that the two would break up the media conglomerate that owns 11 newspapers and 25 television stations as well as the Cubs.

Tribune also has sizable stakes in the Food Network and the online classified advertising venture CareerBuilder.

Broad declined to comment. A call to Burkle's office was not immediately returned.

A third billionaire, entertainment mogul David Geffen, is also known to be interested in buying the Times. A call to his office was not immediately returned.

Tribune Co. spokesman Gary Weitman declined to comment.

The bid came a day after Chicago-based Tribune replaced Dean Baquet as editor of the Times because he defied demands to make further staff cuts at the paper.

The timing also has newsroom staff buzzing over whether Burkle and Broad would reinstate Baquet if their bid is successful. Chicago Tribune managing editor James O'Shea will replace Baquet starting Monday.