CHICAGO (CBS) — Media mogul Rupert Murdoch may be looking to buy the Chicago Tribune and the Los Angeles Times as the parent company for the two newspapers attempts to exit from bankruptcy, according to a report.

The Los Angeles Times reports that executives from Murdoch’s News Corp. are in “preliminary talks” with Tribune Co.’s debt holders, who are expected to become majority owners when the company emerges from bankruptcy.

Murdoch is the chairman and the chief executive of News Corp., which is the parent company of media properties such as the New York Post, Fox News, the Wall Street Journal and the Times of London.

A Tribune Co. spokesman declined to comment on the Los Angeles Times report. Representatives from News Corp did not return calls for comment late Friday.

Murdoch is no stranger to the newspaper business in Chicago, having purchased the Chicago Sun-Times in the mid-1980s. He owned the paper for about two years.

(Source: Sun-Times Media Wire © Chicago Sun-Times 2012. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)