The owner of the Los Angeles Times has confirmed it is reviewing offers from prospective bidders.
But, the newspaper publisher and broadcaster Tribune also said it was looking at actions it could take to improve the value of its shares.
Reports say the group has received three bid offers - two for the whole company and one just for its TV assets.
Tribune set up a special committee last year to carry out a strategic review aimed at boosting the business.
The review could lead to the sale of the entire company or its break-up.
"Assisted by our outside legal and financial advisers, we are carefully considering all alternatives for creating additional shareholder value," William Osborn head of the review committee said in a statement.
"These alternatives include potential transactions involving third parties as well as actions the company may take alone."
Options examined
According to one report in the Chicago Tribune, the firm currently favours a strategy of funding a special dividend by taking on a substantial amount of debt.
TRIBUNE NEWSPAPERS
The newspaper also said the firm was looking into whether to spin off or sell its broadcasting assets and even taking the firm private.
Earlier this week reports said a number of potential suitors had approached the firm.
Chandler Trusts - Tribune's biggest shareholder - is said to have made an offer valuing the firm at $7.6bn (£3.85bn).
Meanwhile, Carlyle Group is said to be interested in Tribune's 24 TV stations and entrepreneurs Eli Broad and Ron Burkle are also believed to be interested in investing in the business.
Tribune said it would make an announcement about its future some time during the first three months of 2007.
Publishers have struggled to react as classified advertising, the bedrock of their business, has gradually migrated to the internet.
These problems have led to a wave of consolidation. Knight Ridder, publisher of the Miami Herald and Philadelphia Inquirer, was bought for $4.5bn last year by rival McClatchy.
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