Billionaire philanthropist Eli Broad and prominent investor Ron Burkle submitted a bid Wednesday to buy Tribune Co., whose holdings include the Los Angeles Times.

Details about the offer and the price that the duo would be willing to pay remained unclear, but the Los Angeles-based businessmen have said for months that they wanted a local group to take control of the Times.

“Affiliates of the Broad Investment Company and [Burkle’s] Yucaipa Companies have submitted a competitive bid for acquisition of the entire Tribune company,” a source familiar with the offer said.

Mr. Broad declined to comment, and Mr. Burkle could not be reached.

The offer comes the day after it was revealed that the Times editor, Dean Baquet, would leave his post, culminating a long-standing dispute between the editor and the paper’s Chicago parent over proposed staff reductions. A month earlier, the Times publisher, Jeffrey M. Johnson, was forced from his job, also largely related to his defiance of editorial staff cuts proposed by Chicago.

David Geffen, the entertainment mogul who is based in Los Angeles, also has expressed interest in acquiring the Los Angeles Times. He has talked about buying the paper himself rather than as part of a group.

Mr. Geffen was not known to have submitted an offer as of Wednesday.

All three of the Los Angeles magnates have said in the past that the Times would benefit from their stewardship because they would be willing to accept lower profits and invest in news coverage.