Romenesko

Los Angeles Times
Tribune is expected to receive several nonbinding proposals from a number of investment firms by the end of the day. James Rainey and Thomas S. Mulligan write: "One newspaper executive predicted that Tribune, fearing that rejecting all bids would trigger a precipitous drop in its stock, would accept a modest premium over its current market price. Others said that would not happen because independent directors overseeing the process could quickly turn to a second round and take offers for individual assets."