Shares of Tribune Rising

Shares of Tribune (TRB) rose following on a report that billionaires Eli Broad and Ron Burkle have upped their offer for the company. The two have made a total bid that exceeds the one on the table from real estate magnate Sam Zell, according to the Associated Press. Citing insiders, the AP reports that Broad and Burkle sent a letter to the Tribune's board offering $34 per share and a recapitalization plan that would involve employee stock ownership. The two also offered to contribute $500 million cash to the deal. That offer exceeds Zell's bid of $33 per share.