The Tribune Corp has engaged the services of two of the top investment banks to assess sales opportunities for its newspaper unit. These assets include the Los Angeles Times, the Chicago Tribune and the Baltimore Sun.

This move was widely expected after the media outlet had just come out of a long four year bankruptcy process. According to a statement, "There is a lot of interest in our newspapers, which we haven't solicited. Hiring outside financial advisers will help us determine whether that interest is credible, allow us to consider all our options  and fulfill our fiduciary responsibility to our shareholders and employees."

The banks engaged for the financial services are JP Morgan and Evercore Partners. With this, the guessing game for potential bidders have begun, with past bidders list that include media executive David Geffen, billionaire Eli Broad and magnate Ron Burkle. Others that have shown interest include Warren Buffett and Rupert Murdoch of News Corp.