The Tribune Company will emerge from bankruptcy on Dec. 31, ending four years of Chapter 11, Reuters reported.
The Chicago-based company, which owns eight major daily newspapers and 23 broadcast stations, is expected to name Peter Liguori, a former Fox TV and Discovery Communications executive, its chief, two unnamed sources told the news service.
Tribune began interviewing investment bankers to sell some or all of its stable of newspaper, which includes the Los Angeles Times, the Chicago Tribune and the Baltimore Sun.
A number of media moguls -- including Warren Buffett, Orange County Register owner Aaron Kushner and News Corporation CEO Rupert Murdoch -- have reportedly expressed interest in buying some of Tribune's newspaper holdings. Buffett hinted that he was interested in purchasing the Morning Call in Allentown, Pa.
Tribune's tumultuous bankruptcy began after former CEO Sam Zell purchased the company through a leveraged buyout and sent it spiraling into debt.