LAT reports that the two billionaires would offer $500 million and some sort of debt package for a minority stake in Tribune. Under the plan, they could eventually have a 30 percent stake, plus several seats on the board. In addition, they would receive warrants that could give them an even bigger stake. It was the only proposal received by Tribune before tonight's bidding deadline, according to the Times (unnamed sources are being used in all these stories, so it's hard to know who is leaking and for what purpose). No word on how the Chandlers - or the Tribune board - might react to this plan. As for Madison Dearborn's decision not to bid, a source told the Times: "it's just a crappy industry. I hate to tell you that. But you know."
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