Tribune makes a pitch to 2 local magnates

Representatives of Tribune Co. on Wednesday presented detailed information about the media company and its largest unit, the Los Angeles Times, to representatives of two local magnates who have expressed interest in buying the company.

Participants in the morning session in downtown Los Angeles said it was unclear whether the presentation would push Eli Broad and Ron Burkle any closer to making a formal offer for Tribune. The duo earlier made a joint, nonbinding bid for the Chicago-based company.

Tribune -- which owns The Times, 10 other daily papers and 23 television stations -- had hoped to resolve its review of strategic alternatives by year’s end. But the review was extended into the first quarter of 2007, in part because of tepid interest in the company.

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James Rainey