First round bids are due for Tribune Company, but the media company may be disappointed, The Los Angeles Times reported. Few rivals are expected to place bids, according to The Times, a Tribune-owned paper. Gannet was the only media company listed as a potential candidate. Instead buyout firms are the likely contenders. However, without any strategic buyers, the private equity firms are free to lowball their offers, The Times explains. If bids are unsatisfactory, The Times suggests that the Chandler family, the company's largest shareholder, could push for a breakup. However, a breakup could be as unpalatable as the low offers, according to a story in the latest issue of The Deal newsweekly. Although the FCC forbids — in most instances — the ownership of newspapers and TV stations in the same market, Tribune is grandfathered because it owned TV stations and newspapers before the 1975 ruling. However, the FCC is reviewing its policies — not to mention the interpretation of existing policies — which could affect the cross-ownership of papers and TV stations. The uncertainty could also explain the lack of interest amongst strategic bidders. —Matthew Wurtzel
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