Tribune Company (NYSE:TRB) shares moved up $0.46, or 1.5%, to $30.99 after the company's board of directors is said to be favoring a buyout offer from real estate mogul Sam Zell for $33 per share or $8 billion. Meanwhile, billionaires Ron Burkle and Eli Broad are saying that Tribune did not treat them fairly during the auction process. In particular, the two said they were not privy to information given to Sam Zell back in September when they made their bid for the company. The special committee of Tribune's board that is evaluating its strategic options has reportedly turned down several offers and is also reportedly looking at a "self-help" plan that would include a spinoff of its television stations, and borrowing enough money to pay a substantial dividend to shareholders. Currently, Zell's offer remains the highest at a nearly 8% premium to the company's current market price if approved. Either way, this is a great company to keep an eye on as the company mulls its options.

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