Eli Broad and Ron Burkle have together offered to buy the Tribune Company, the Times' James Rainey reports on the paper's website.
Details about the offer and the price that the duo would be willing to pay remained unclear, but the Los Angeles-based businessmen have said for months that they wanted a local group to take control of The Times.
"Affiliates of the Broad Investment Company and [Burkle's] Yucaipa Companies have submitted a competitive bid for acquisition of the entire Tribune company," a source familiar with the offer said.
Broad declined to comment, and Burkle could not be reached.
No offer has yet been seen from David Geffen. Perhaps Dean Baquet shouldn't go making any plans to leave town just yet.