cloudy
Monday December 10th, 2018 11:36PM

Former Tronc Chairman Ferro selling all of his company stock

By The Associated Press

NEW YORK (AP) — A former chairman of the Tronc company who stepped down amid allegations of sexual misconduct is selling all of his stock for about $228 million.

Michael Ferro's company Merrick Media listed the sale in a filing with the Securities and Exchange Commission on Friday.

The company lists the buyer as McCormick Media LLC, a Chicago-based corporation managed by Sargent McCormick. McCormick is a descendent of Chicago Tribune publisher Robert McCormick. McCormick Media bought almost 9.1 million shares for $23 a share to become Tronc's largest shareholder.

The stock has traded between $10.80 and $24.74 in the past year and closed at $17.15 Friday.

Formerly Tribune Co., Tronc operates newspapers including the Chicago Tribune, New York Daily News and The Baltimore Sun. Ferro bought a stake in the company in 2016. During his time as chairman, the company bought the Daily News, tried and failed to buy the Chicago Sun-Times, and fended off a buyout attempt from USA Today publisher Gannett.

The company sold the Los Angeles Times last month after the paper's staff voted to unionize for the first time in its 136-year history. Staffers said they were frustrated that Tronc signed a contract with a consulting company owned by Ferro that was worth $5 million per year at a time staff benefits were being cut.

At the same time, it was announced that Times CEO Ross Levinsohn would go on unpaid leave after revelations that he was a defendant in two sexual-harassment lawsuits stemming from alleged incidents earlier in his career. Tronc sold the Times and other papers to Dr. Patrick Soon-Shiong for $500 million, along with $90 million in pension benefits.

Ferro retired as Tronc's chairman last month. Just hours after his announcement, Fortune magazine reported allegations by two women that Ferro made unwanted sexual advances during 2013 and 2016, before he became chairman. Fortune said Ferro declined to comment. The company said it was not aware of any claims filed against him.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Trump claims success in Syria, but chemical weapons remain
President Donald Trump has quickly declared "Mission Accomplished" for a U.S.-led allied missile attack on Syria's chemical weapons program
2:05PM ( 11 minutes ago )
Nevada sheriff: Radio show host Art Bell dead at 72
Art Bell, a radio host best known for a paranormal-themed nightly show syndicated on hundreds of stations in the 1990s, has died at his home in southern Nevada
1:56PM ( 19 minutes ago )
The Latest: UN council rejects Russia resolution on Syria
The U.N. Security Council has rejected a Russian resolution calling for condemnation of the "aggression" by the United States and its allies against Syria
1:41PM ( 35 minutes ago )
Associated Press (AP)
The Latest: Netanyahu: Syrian airstrikes send strong message
Israel's premier is lauding the American-led strikes against Syria as proof of its commitment to halt the use of chemical weapons
1:22PM ( 53 minutes ago )
Certain of gas attack, allies struck Syria before UN report
The United States, Britain and France decided to strike Syria for its apparent use of chemical weapons without waiting for a report from U.N. inspectors
1:21PM ( 54 minutes ago )
In Peru, Pence updates allies on US-led airstrikes in Syria
Vice President Mike Pence has told allies at a Latin American summit that the U.S.-led airstrikes on Syria "degraded and crippled" the country's chemical weapons capability
1:08PM ( 1 hour ago )
AP Business
AP investigation: Doctors keep licenses despite sex abuse
An Associated Press investigation finds that even as Hollywood moguls, elite journalists and politicians have been pushed out of their jobs or resigned amid allegations of sexual misconduct, the world of medicine is more forgiving.
10:53AM ( 3 hours ago )
Panama president: Trump company letter on hotel a mistake
Panamanian President Juan Carlos Varela says Trump Organization lawyers made a mistake by sending a letter to his office in which they appealed for the leader's help in a fight over the control of a luxury hotel
8:35PM ( 17 hours ago )
How Facebook ads target you
Facebook's business depends almost entirely on selling ads targeted at people with particular interests and demographics
6:23PM ( 19 hours ago )
AP Business - Corporate News
Trump claims success in Syria, but chemical weapons remain
President Donald Trump has quickly declared "Mission Accomplished" for a U.S.-led allied missile attack on Syria's chemical weapons program
2:05PM ( 11 minutes ago )
Nevada sheriff: Radio show host Art Bell dead at 72
Art Bell, a radio host best known for a paranormal-themed nightly show syndicated on hundreds of stations in the 1990s, has died at his home in southern Nevada
1:56PM ( 19 minutes ago )
The Latest: UN council rejects Russia resolution on Syria
The U.N. Security Council has rejected a Russian resolution calling for condemnation of the "aggression" by the United States and its allies against Syria
1:41PM ( 35 minutes ago )
Western airstrikes unlikely to impact Assad's war machine
The Western airstrikes on suspected Syrian chemical weapons facilities might have rained down punishment from the sky, but they will not fundamentally degrade a war machine whose main bases, weaponry and personnel remain in place
1:38PM ( 37 minutes ago )
The Latest: Macron says airstrikes in Syria achieved goals
French President Emmanuel Macron says the joint military operation by the U.S., Britain and France on Syrian targets has achieved its goals
1:31PM ( 45 minutes ago )