Chandler Trusts extend deadline on Tribune bid

Tribune Co.’s largest shareholder, Chandler Trusts, has extended the deadline on an offer for the media conglomerate that had been set to expire Wednesday, a person close to the family said.

The move gives the company’s board of directors more time to consider the highest-valued bid for its assets to date during a four-month review process.

The Chandlers, whose complaints last year about Tribune’s sagging stock price prompted the company to solicit outside proposals, made an estimated $7.6-billion proposal Jan. 17 to buy the company and spin off its broadcast division to shareholders. Tribune owns the Los Angeles Times, KTLA-TV Channel 5 and other media properties.