Bloomberg's Edmund Lee & Serena Saitto breaks news that the Tribune Company intends to seek sale of its newspaper holdings as it exits bankruptcy.

In addition to 23 television stations around the country, Tribune Co. owns the Chicago Tribune and the Los Angeles Times, the Baltimore Sun, Sun Sentinel of South Florida, The Orlando Sentinel, The Hartford Courant, The Morning Call and The Daily Press.

The company has been fighting its way out of Chapter 11 bankruptcy, while Rupert Murdoch and others have been eyeing its newspaper holdings. In mid-November, the company announced it was on track to emerge from bankruptcy by December 31.