{"id":17699,"date":"2018-04-13T17:30:08","date_gmt":"2018-04-13T22:30:08","guid":{"rendered":"http:\/\/www.robertfeder.com\/?p=17699"},"modified":"2018-04-13T18:01:16","modified_gmt":"2018-04-13T23:01:16","slug":"michael-ferro-tronc","status":"publish","type":"post","link":"https:\/\/robertfeder.dailyherald.com\/2018\/04\/13\/michael-ferro-tronc\/","title":{"rendered":"It's over and out for Michael Ferro at tronc"},"content":{"rendered":"
\"\"<\/a>

<\/a> Michael Ferro<\/p><\/div>\n

Michael Ferro, the tech entrepreneur and would-be media mogul who was the largest shareholder in the parent company of the Chicago Tribune,<\/a> is leaving the newspaper business.<\/p>\n

According to a filing late Friday with the U.S. Securities and Exchange Commission, Ferro is selling all of his stock in tronc<\/a> to McCormick Media, a new ownership group reportedly tied to the family of the late Colonel Robert McCormick, longtime publisher of the Chicago Tribune.<\/p>\n

Ferro agreed to sell his 26 percent stake in tronc \u2014 more than nine million shares \u2014 for $208.6 million. At $23 per share, his payout represents a premium of 34 percent over the current stock price.<\/p>\n

Tronc Chairman and CEO Justin Dearborn released this statement: \u201cThis afternoon Merrick Media, LLC, which is controlled by Michael W. Ferro, filed an amendment to its Schedule 13D filing in which it announced that it had entered into a definitive agreement to sell all of its shares in tronc, Inc. to McCormick Media LLC in a transaction to which tronc, Inc. was not a party. \u00a0I want to emphasize that this is a private transaction between Merrick and the buyer and does not alter our business strategy or the pending sale of the California News Group.\u201d<\/p>\n

Ferro stepped down <\/a>as chairman of tronc last month just hours before Fortune magazine published allegations by two female entrepreneurs that Ferro had made inappropriate sexual advances toward them.<\/p>\n

His exit capped a week that saw Chicago Tribune editorial employees announce plans to seek union recognition<\/a> for the first time in the newspaper\u2019s 171-year history.<\/p>\n

Ferro took control of the former Tribune Publishing (which he later renamed tronc) in 2016 after five years as chairman of Wrapports, parent company of the Sun-Times. Tronc owns multiple media properties in Chicago and nine other cities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Michael Ferro, the tech entrepreneur and would-be media mogul who was the largest shareholder in the parent company of the Chicago Tribune, is leaving the newspaper business. According to a filing late Friday with the U.S. Securities and Exchange Commission, Ferro is selling all of his stock in tronc to McCormick Media, a new ownership... Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/17699"}],"collection":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/comments?post=17699"}],"version-history":[{"count":4,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/17699\/revisions"}],"predecessor-version":[{"id":17704,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/posts\/17699\/revisions\/17704"}],"wp:attachment":[{"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/media?parent=17699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/categories?post=17699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robertfeder.dailyherald.com\/wp-json\/wp\/v2\/tags?post=17699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}