The company has agreed to sell its stake in a relative of the McCormick family, who built the company's flagship newspaper, the Chicago Tribune, into a media powerhouse in the early 20th century, the company said. […] The sale would end Mr. Ferro 's short but. Www.truckracing.de / truckrace / de / new … g / index.html The stone administration of the company, which renamed it the famous Tribune Publishing Company to Tronc, resisted a takeover bid
and agree to sell his precious asset, the Los Angeles Times, early this year
. Ferro, 51
A person next to Mr Ferro said that he had recently been approached by a member of McCormick Family offers to buy the 25.4% stake he held through his Merrick Media LLC fund at a sizeable price ,
Who is listed in the regulatory filing as the manager of McCormick Media, is a descendant of
Robert R. McCormick,
the longtime publisher and publisher of the Chicago Tribune
Mr. McCormick declined to comment.
Mr. Ferro, who was hired at the beginning of 2016 at a substantially lower price than a strategic investor, is leaving his stake for more than $ 200 million.
He agreed to sell his 9.07 million shares for $ 23 a share, a premium at Tronc's closing price of $ 17.15 a share on Friday. The sale of shares is expected to end on or before May 15, it said in the application.
Tronc shares rose 0.6% on Friday to $ 17.25. The stock rose 22.8% last year.
Mr. Ferro was associated with Tronc, then Tribune Publishing Co., in early 2016 when he offered $ 44.1 million to help stabilize the debt-laden newspaper company. But within a few weeks he had orchestrated a takeover of the Executive and Supervisory Boards. Soon after, Mr. Ferro faced an unwelcome takeover by Gannett.