Merrill Lynch analyst Lauren Rich Fine thinks the most likely outcome of the Tribune Company's dance with potential buyers is no outcome -- that no sale will take place, Editor & Publisher reports online.

In a report issued this morning, Fine and her team outlined several different scenarios that could occur after Jan. 17 -- the day bids are reportedly due.

She believes that no one will come forward with an enticing offer, based on the fact that Tribune shares are trading at discount. "Investors appear to anticipate that no sale will transpire; we think there is a distinct possibility of that happening and note that even if there is a sale, a big premium is unlikely."

Meanwhile, at Romenesko a Tribune suit takes umbrage at the Columbia Journalism Review editorial urging the Chicagoans get out of the newspaper business before they muck it up completely.