Tribune Publishing

Robservations on the media beat:

Michael Sacks

Michael Sacks, a prominent Chicago businessman and top donor to Mayor Rahm Emanuel, could emerge today as the frontrunner to take control of the Chicago Tribune's parent company. Sources said Sacks, CEO of Grosvenor Capital Management, is poised to make a bid for the shares of former chairman Michael Ferro, who owns a controlling 26 percent stake in the company formerly known as tronc. Tribune Publishing confirmed a New York Post report that initial bids are due today. Also in the running may be McClatchy Co., Sacramento, California-based publisher of 30 daily newspapers. But McClatchy's bid reportedly depends on the uncertain participation of biotech billionaire Patrick Soon-Shiong, owner of the Los Angeles Times and Tribune Publishing’s second-largest shareholder. In addition to the Chicago Tribune, the company owns the New York Daily News, Baltimore Sun, Orlando Sentinel and papers in six other cities. Continue reading →