The cavalry has not arrived:
"if this auction ends as many expect, Tribune will have to self-inflict the kinds of harsh changes that normally come from an outside buyer. That will mean even steeper cost cutting and asset sales." [uh-oh]
"Tribune's fate is all in the Chicago family. Sam Zell, a Windy City real-estate mogul, and the Chandlers are still circling Tribune, though any chance of either party making a successful offer is unlikely." [not new]
"one possibility is that the McCormick Tribune Foundation -- Tribune's second-largest shareholder behind the Chandler family -- would help buy out part of the Chandlers' stake in the company." [ditto]
On the other hand, "It is hard to see how buying up more newspaper stock is good for the McCormick Tribune Foundation. If most shareholders are trying to get out of the newspaper business, why wouldn't the McCormick Tribune Foundation want the same?" [uh-oh]
Thus Sarah Ellison at Wall St. Jnl.