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"I think it's kind of the Wild West because these papers are so cheap, anyone could buy them," said Ken Doctor, a former newspaperman who is now an analyst at Bay Area media consulting firm Outsell.

Some see a Tribune newspaper deal as a fire sale. In a bankruptcy filing, Lazard Ltd. valued the eight Tribune papers at $623 million as of January - down $300 million from a year earlier. Lazard cited declines in the publishing industry as a whole and at Tribune in particular for the dramatic drop in value. Six years ago, billionaire entertainment executive David Geffen reportedly offered $2 billion in cash just for the Times. Geffen has said he is no longer interested in buying the paper.

As the Tribune Co.'s fortunes have declined, so have the Times'. In its heyday, the Times was the second-largest paper in the nation with circulation of more than 1 million and an editorial staff that topped 1,000.

As of September, the Times had a combined print and digital circulation of 606,075 and an editorial staff of about 500.

Despite its diminished size, the Times remains an influential Southern California institution and an attractive trophy for those who believe in the newspaper business.

Murdoch is one of newspaper's biggest fans. The Los Angeles Times reported last month that Murdoch was in preliminary discussions about purchasing the Times and the Chicago Tribune. The story noted that during Southern California visits, Murdoch would mark up Times pages to show how he would redesign the paper.

News Corp., however, issued a statement saying reports about talks with the Times and Tribune were "wholly inaccurate." Chase Carey, News Corp. president and chief operating officer, avoided answering a question about the company's interest during an earnings call earlier this month. The company this week reiterated that the earlier reports were incorrect.

In addition to the Wall Street Journal and London Times, Murdoch owns a group of newspaper papers in his native Australia as well as HarperCollins publishing and Fox Television, which has 27 stations.

Tribune Co. also has a large broadcast operation that includes Chicago's WGN-TV, KTLA-TV in Los Angeles and 21 other television stations. While Tribune publishing has declined, Lazard separately valued the broadcast division at nearly $2.9 billion in January, up $350 million from a year earlier.

Other potential Tribune newspaper buyers could be waiting in the wings.

One may be Manchester, who bought the Union-Tribune in San Diego (now the U-T San Diego) last year. The hotelier and developer told KPBS last month that he was looking at the Tribune papers. John Lynch, the U-T's chief executive, subsequently said they were not interested in getting involved in an auction for the properties. That, however, could mean only that they don't want to be caught in a bidding war.

"No comment," Lynch said to the Register's request this week for clarification. "The Tribune assets are not for sale, and we do not speculate as to what might happen."

Manchester, however, remains in acquisition mode. He bought the 70,000-circulation North County Times in Escondido, Calif., in September for just under $12 million.

For years, various prominent Los Angeles businessmen have talked with civic leaders in efforts to acquire the Times and return it to local ownership. They include insurance and real estate mogul Eli Broad and, more recently, former investment banker and Los Angeles Deputy Mayor Austin Beutner.

Despite the widespread speculation about would-be buyers, it's possible that nothing will happen after Tribune exits bankruptcy, which is expected in the coming weeks. Freedom Communications emerged from bankruptcy in April 2010, and it was 18 months before the investors and banks that took over decided to break up the company.

Oaktree Capital Management, Angelo Gordon & Co. and JPMorgan Chase, Tribune's largest debt holders, who will take control of the company after bankruptcy, have been mum on their plans. Although Tribune newspaper revenues have plunged, media experts said the investors could hold onto the properties in hopes of turning them around to maximize their investment.

"All of this is up for grabs," said Morton, the newspaper consultant. "There are a number of ways to do it."

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LOS ANGELES TIMES AT A GLANCE:

-Founded: Dec. 4, 1881

-History: Harrison Gray Otis bought the Los Angeles Daily Times, along with the Mirror Printing Office and Book Bindery, in 1884 and created Times-Mirror Co. His heirs, the Chandler family, ran the newspaper for most of the next century. In 2000, Times-Mirror merged with Chicago-based Tribune Co. in an $8.3 billion deal. In 2007, real estate magnate Sam Zell bought Tribune Co. in an $8.2 billion leveraged buyout.

-Bankruptcy: Parent company Tribune Co. filed for bankruptcy reorganization Dec. 8, 2008.

-Circulation: 454,498 print; 151,577 digital as of Sept. 30

-Newsroom employees: About 500

-Pulitzer prizes: 41