Real estate magnate Sam Zell may be "giving up his claims" to buy a large stake in the Tribune Co., and may even be ousted from the U.S. media group he bought out in an $8.2 billion privatisation deal, the New York Post reported Wednesday, citing a source familiar with the matter.

Meanwhile, the Chicago Sun-Times reported that seven of nine members of those on the company's creditors committee are threatening to investigate Zell's 2007 buyout.

Zell has created a Tribune stock ownership plan for employees that avoids taxes, and has paid $315 million for the option to buy 40 percent. The Sun-Times also reported last week the creditors are looking to oust Zell, which could result in breaking up the Tribune by owners of the company's $13 billion in debt.

These creditors likely will not keep the stock ownership plan for employees, which would leave them with "worthless shares," according to Los Angeles Business.