The board came away from today's meeting in Chicago with basically nothing to report. Tribune said after the session that those outside bids received earlier in the week were being carefully considered by an independent special committee - and that was that. "We are carefully considering all alternatives for creating additional shareholder value," said William A. Osborn, chief executive of Northern Trust Corp. and Tribune's lead independent director. "These alternatives include potential transactions involving third parties as well as actions the company may take alone.'' That last bit about going it alone appears to be the direction Tribune is taking, at least for now. The Chicago Tribune reported today that the company might be leaning towards a "self help" strategy that could involve borrowing money to give shareholders a special dividend or selling off broadcast assets while taking the rest of the company private. From the Tribune story:

Most observers expect Tribune's board to keep negotiating with the various third parties while perhaps looking for other sources of capital to help fund a self-help strategy. Asset sales to buyers like Carlyle and Gannett could provide cash. And one source said last week that Chicago private equity firm Madison Dearborn Partners, which withdrew from the original bidding process, may still be interested in re-engaging. The McCormick Tribune Foundation, a non-profit charitable organization with ties to management may also consider putting its 13 percent stake in the company behind a bid, another source said.

The special committee gave no timetable for giving a recommendation to the full Tribune board. But a decision is still expected sometime this quarter. Tribune release