Today's pullback wasn't huge - down 2.5 percent, to close at $33.15 - but it was telling. Analysts are beginning to weigh in on the company's options - leveraged buyout, spinoffs, asset sales - and some are finding problems with just about everything. In a research note, UBS's Brian Shipman sounded lukewarm about selling off the LAT (which Tribune says is not for sale).

"To a certain extent, we feel that selling the paper would be a net positive for the company as we believe it has been somewhat of a distraction to management. However, we do not believe that a sale of the Times would realize significant incremental value to shareholders," Shipman said.