With a parade of oddball offers to buy the company, The Tribune is reportedly investigating “self-help” as an alternative. (That’s right; that’s what they’re calling it.)

But details are still sketchy as we await a formal comment from Dr. Phil.

Meanwhile, here’s how the Chicago Tribune reported it:

Sources close to the situation said on Friday that Tribune may be leaning toward a so-called "self-help'' strategy that could be built from a combination of tactics. Options mentioned have included taking on a substantial amount of debt to fund a special dividend, selling or spinning off Tribune's broadcast assets, and perhaps taking the rest of the company private in a smaller leveraged buyout than was originally anticipated.

Regular readers of this blog know I’ve suggested newspaper companies take themselves private as a way to avoid Wall Street’s ADHD. The best part about this new introspective Tribune, though, is the next sentence:

Although there are many risks and hurdles associated with these options, the sources said the self-help route had gained currency since the offers generated by Tribune's auction were less than appealing.

Yes, self-help is inherently more risky than letting someone else do the hard work. If only I could sell my own problems to the highest bidder.

UPDATE: Rupert Murdoch has taken a liking to the Tribune company. No word yet on what this does to the "self help" option.