Tribune Company creditors – including investment banks that are owed $8.6 billion – are working on a reorganization that will shove Sam Zell out the door.

Is the billionaire philanthropist considering another run at the Los Angeles Times?

There’s no doubt that Ron Burkle loves newspapers.

In the past year or so, he has explored buying the Tribune Co. and several former Knight Ridder papers. Today, the California billionaire
is scheduled to meet with directors of Dow Jones & Co., publisher of The Wall Street Journal.

None of Burkle’s previous media flirtations has led to anything and some analysts don’t give him much of a chance with Dow Jones. Some members of the company’s controlling Bancroft family, though, are desperately seeking an alternative to a takeover by Rupert Murdoch. Burkle is a Democrat with strong ties to the Bill and Hillary Clinton.

Relationship map of the Chandler dynasty.