"The first round of bids for Tribune Co. have come in low, prompting the newspaper and TV company to notify bidders that it is now prepared to consider offers for parts of the business, say people familiar with the situation," reports the Wall Street Journal. The private equity firms expressing interest in the entire business are "putting a value on Tribune in the 'low $30s.'" TRB stock closed at $32.62 today. The company certainly wants a premium on that price to sell the whole company.

UPDATE (11/2/2006 12:25pm): The article has been expanded since I first linked to it, and now contains a specific reference to the Chicago Cubs:

Given recent sales prices for other newspapers, and valuable Tribune properties such as the Cubs and an interest in online jobs company CareerBuilder, [an analyst] said, the prices being offered "seem too low."

That has forced Tribune to reconsider its reorganization plan, and could push the Chicago-based company to sell off assets it once considered untouchable. Such is the case with the Cubs, which the company acquired in 1981 for just $20 million. Today the Cubs are one of the most highly visible franchises in sports, despite their notorious losing ways. At least one analyst now estimates the team is valued at as much as $750 million.