As Sam Zell's $8.2 billion deal to privatise Tribune Co. nears its completion, shares in the media group dropped sharply Wednesday on reports bankers are getting cold feet.

Shares of Tribune plummeted as much as 6 percent in early trading Wednesday. As the noon hour approached, it was trading at $31.92, down 1.39, or 4.17 percent from its opening.

Tribune's flagship titles - Chicago Tribune and Los Angeles Times, reported some bankers are balking on funding the final stage of the deal. Some said they worry if they are able to “sell the loans and bonds in a weak credit market generally, and with growing skepticism about the Tribune transaction in particular.” This deal requires $4.2 billion in financing, Editor & Publisher reported.

Investors may also feel anxious about Moody's downgrading of Tribune debt further into junk territory after markets closed Tuesday.