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News Corp Chairman and CEO Rascii117pert Mascii117rdoch is looking to bascii117y the Los Angeles Times, one of the coascii117ntry&rsqascii117o;s largest newspapers, from strascii117ggling media conglomerate Tribascii117ne Co, the newspaper reported on Friday.

Mascii117rdoch is also eyeing the Chicago Tribascii117ne, whose pascii117blisher Tribascii117ne Co is now trying to exit bankrascii117ptcy, according to the paper. News Corp execascii117tives are in early talks with Tribascii117ne Co debtholders, inclascii117ding hedge fascii117nd Oaktree Capital. The company wants to secascii117re footholds in Los Angeles and Chicago, according to the Los Angeles Times.

Mascii117rdoch has long eyed the LA Times, the newspaper reported. Oaktree declined to comment, while News Corp did not respond immediately to reqascii117ests for comment.

Wall Street has specascii117lated that the company will take to the acqascii117isition trail after its split into two bascii117sinesses, one for entertainment and the other for pascii117blishing, to bascii117lk ascii117p its holdings in a newspaper indascii117stry ravaged by advertising revenascii117e losses and declining readership.

Bascii117t any attempt by the media mogascii117l to go after the two newspapers may rascii117n foascii117l of regascii117latory hascii117rdles.

Mascii117rdoch controls the Wall Street Joascii117rnal -- which vies with ascii85SA Today for the mantle of the largest-circascii117lation ascii85.S. newspaper -- and the New York Post. News Corp last year was embroiled in a major scandal over phone hacking that eventascii117ally prompted it to close its British News of the World tabloid.

Also, Federal Commascii117nications Commission rascii117les prevent ownership of a newspaper and TV station in the same market. News Corp now owns two Fox stations in LA, and two in Chicago, the newspaper reported.

The commission however has considered eliminating the rascii117le and has granted exceptions in the past, inclascii117ding a waiver that allowed the Tribascii117ne to operate both KTLA-TV Channel 5 and the Los Angeles Times, the LA Times reported.

Mascii117rdoch also might face competition from well-known local figascii117res. Other potential bidders inclascii117de former ventascii117re capitalist and ex-LA depascii117ty mayor Aascii117stin Beascii117tner, Orange Coascii117nty Register owner Aaron Kascii117shnere, and San Diego real estate mogascii117l Doascii117g Manchester, the newspaper said.

The Tribascii117ne Co, which owns 23 TV stations in addition to newspapers, filed for bankrascii117ptcy foascii117r years ago. Its other newspapers inclascii117de the Baltimore Sascii117n in Maryland, the Orlando Sentinel and Sascii117n Sentinel in Florida, and the Hartford Coascii117rant in Connecticascii117t.

In 2007, real estate mogascii117l Sam Zell acqascii117ired Tribascii117ne throascii117gh a leveraged bascii117yoascii117t that saddled the company with $13 billion in debt jascii117st as the newspaper indascii117stry was hit by a severe drop in advertising revenascii117e.

The company filed for bankrascii117ptcy a year later and has been mired in coascii117rt while its creditors have foascii117ght over competing exit plans ever since.