*Tribune delays decision

Hurry up and wait. Not surprisingly, the Chicago-based parent of the LAT is postponing a decision on how it plans to sell itself - in whole or in parts - and who the lucky so-and-sos will turn out to be. The new target is the first quarter of 2007. Tribune CEO Dennis FitzSimons said in a statement that the process "has generated strong interest from a number of parties." The final decision was supposed to have been made by the end of the year, but things became quite complicated, what with some bidders going for the entire company and some wanting this asset or that. So far, Tribune has received four preliminary bids for the company. From the Chicago Tribune:

Although a number of bidders—including private equity firms, wealthy local businessmen in several Tribune markets, and Gannett Co.—have expressed interest in all or parts of the company, their preliminary bids have so far been deemed unacceptable to Tribune's board and the company's advisors, according to sources with knowledge of the bidding.

*Update: The WSJ story adds this:

The announcement appeared inevitable to some parties involved in the bidding, who have privately said that the auction process has appeared disorganized for weeks. According to a person familiar with Tribune's thinking, the company would have preferred a quick sale for the entire company. Now, management is juggling a variety of complicated options, including a possible spin-off of its TV stations or the Los Angeles Times, this person said.