Home / Business / Michael Ferro sells Tronc to the descendants of the former Chicago Tribune Owners

Michael Ferro sells Tronc to the descendants of the former Chicago Tribune Owners



Tronc
Inc.


TRNC 4.19%

Largest shareholder,

Michael Ferro,

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

Gannett
Co.

and agree to sell his precious asset, the Los Angeles Times, early this year

. Ferro, 51

years old, resigned in March as the company's non-executive CEO just before the publication of an article claiming he had made inappropriate sexual approaches to two female entrepreneurs. At the time, Tronc said there were no claims against Mr Ferro, and he did not respond to requests for comment.

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 ,

Sargent McCormick,

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.

Write to Lukas I. Alpert at [email protected] and Aisha Al-Muslim at [email protected]


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