The Wall Street Journal reported today that Tribune Company (NYSE:TRB) has caught the eye of at least three private equity firms, and could begin receiving bids for the company this month. We first began reporting on this rumor back in September, when there was talk of a LBO in the future. According to the WSJ, Madison Dearborn Partners, Providence Equity Partners and Apollo Management make up one of the groups, while Thomas H. Lee Partners and Texas Pacific Group have combined to form another, citing sources with knowledge of the situation.

Since buyouts typically come at a significant premium to the prevailing market price, this stock may be worth watching. Moreover, the possibility of a bidding war between two groups of funds make it not only a safer bet that a buyout would go through, but also more likely that it would go through at a higher price. The stock is currently trading up around 2.5% on the news.

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