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. "Amazon.com 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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