Members of the Chandler family offered Wednesday to purchase media conglomerate Tribune in a deal valued at $7.6 billion. Tribune’s holdings span eleven newspapers, including the Los Angeles Times and Chicago Tribune, 26 television stations, the Chicago Cubs baseball team, various Internet ventures, and a stake in the Food Network. The Chandlers, who already own 20% of Tribune’s stock, submitted their bid as part of an auction process opened by the company last fall. Although Tribune declined to comment, the company is reported to have received one other offer—submitted by Los Angeles area billionaires Eli Broad and Ron Burkle—that would recapitialize the media firm with $500 million in cash in exchange for a 31% stake. According to a filing with the Securities and Exchange Commission, the Chandlers are offering $19.30 per share in cash and intend to create a spin-off entity for Tribune’s broadcasting and entertainment operations. Tribune shareholders would also receive stock in the spin-off entity, bringing the total value of the deal to $7.6 billion. Upon closing, the Chandlers would control Tribune with a 51% stake, and the remaining 49% stake would be held by two undisclosed private equity firms. The company is expected to decide on the offers by March.