The companies are said to be looking to beat out an offer from Sinclair Broadcasting. 21st Century Fox is reportedly looking to make a bid for Tribune Media as part of a joint venture with private equity firm Blackstone.
The Financial Times reported Sunday that the companies are looking to beat out an offer from Sinclair Broadcasting.
Both Tribune and Sinclair own several TV networks.
As part of the joint venture, Blackstone will pony up the cash, while Rupert Murdoch's Fox will put up its own group of networks and stations, the Times reported.