NACD Board Leadership Conference NACD Chapter System

Ferro Out at Chicago Tribune Parent as Controversial Reign Ends

"Michael Ferro's Merrick Media is selling its stock in Tronc Inc., parent of the Chicago Tribune, to McCormick Media for $208.6 million," Bloomberg (April 13, Golum, Palmeri) confirms, "ending his tumultuous time atop the big newspaper publisher." A regulatory filing Friday shows that Ferro's company is selling 9.07 million shares of Tronc, formerly Tribune Publishing, for $23 a share. He ranked as the company's biggest shareholder, with a 26 percent stake. The transaction marks the latest sale of a newspaper company to a wealthy investor. " Inc.'s Jeff Bezos bought the Washington Post in 2013, putting that paper safely in the hands of a wealthy benefactor," recalls Bloomberg.

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