Sentences with word «tronc»

Michael Ferro retired from the board of Tronc Inc. on Monday, ahead of the newspaper chain's $ 500 - million sale of the Los Angeles Times and other California assets and hours before sexual misconduct allegations against him were made public.

The purchase price likely would be in the $ 85 million to $ 95 million range, sources said, with Tronc chairman Michael Ferro believing the acquisition will...

Up to Monday's close, Gannett's shares had lost about 50 % of their value since it made its first offer for Tronc on April 25.

As Tronc reckons with the crash of its...

Tronc says it has struck a deal to sell the Los Angeles Times to billionaire biotech investor Patrick Soon - Shiong.

At one point, Doctor said there were plans to have Patrick Soon - Shiong — a billionaire who invested in Tronc earlier this year in return for a significant stake in the company — acquire the Los Angeles Times and let Gannett acquire the rest of the company, including the Chicago Tribune.

In the past, executives at Tronc have floated proposals for cutting costs by reducing staffing at the D.C. bureau or eliminating it, but were met with resistance from senior editors at the Los Angeles Times, according to people familiar with the matter.»

A statement from Tronc management said that the company «remained a constructive partner to Gannett as it sought to complete its financing for the agreed upon purchase price, however, Gannett was unable to do so and terminated discussions.»

CNBC's Dominic Chu reports on Tronc shares surging after Softbank shows interest in a possible bid for the company.

Gannett, the publisher of USA Today, said on Tuesday it had abandoned plans to buy Tronc, the publisher of the Chicago Tribune and the Los Angeles Times.

Yesterday, Michael Ferro, chairman of newspaper publisher Tronc, announced his retirement.

Gannett Co. dropped its $ 683 million bid for rival Tronc Inc. after financing fell through, ending a months - long pursuit that would have put some of the biggest U.S. newspapers under one roof.

The deal leaves Tronc without its largest property but flush with cash to pursue investments and acquisitions as part of a reorganized national digital strategy.

Once he'd defeated Gannett's hostile takeover attempt of his newly named Tronc, Ferro seemed to cease being the center of the news industry storm.

In that kind of environment, adding the debt and other costs associated with the proposed Tronc deal made less and less sense all the time.

Levinsohn had been placed on unpaid leave last month while Tronc looked into sexual harassment allegations in previous executive roles at other companies.

On Friday afternoon, Tronc announced that its lead shareholder Merrick Media, led by just - resigned board chairman Michael Ferro, was selling its entire stake in the company.

Ferro, a technology entrepreneur who previously led the investor group that owned the Chicago Sun - Times, became the largest shareholder and chairman of Tribune Publishing in February 2016, and the corporate name was changed to Tronc shortly thereafter.

On Monday, Tronc Vice Chairman, would - be Friend of Trump, Los Angeles Lakers part - owner and anti-cancer crusader Patrick Soon - Shiong bought another 2 million shares of America's second - largest public newspaper company.

Using Tronc's own company funds for the selective «stock buyback,» rather than his own money, he first removed that lawsuit threat that still hung over his head; Oaktree agreed, as part of this sale, to drop its potential claims.

Softbank among Tronc's potential bidders.

Although he stepped down from his role, Ferro will still be paid $ 5 million - per - year by Tronc through Dec. 31, 2020, to serve as a consultant.

«Tronc remained a constructive partner to Gannett as it sought to complete its financing for the agreed upon purchase price, however, Gannett was unable to do so and terminated discussions,» the company said.

Gannett announced early Tuesday that it has officially dropped its bid, and no longer wants to acquire Tronc.

It's hard not to read it as a vote of no confidence in D'Vorkin, Levinsohn, and Tronc management, including chairman Ferro and CEO Justin Dearborn.

As Tronc reckons with the crash of its stock price and oh - so - private Alden Global Capital...

Tronc doesn't do anything by the book.

After a seven - month courtship that veered from strong affinity to acrimonious mud - slinging, Gannett Co Inc (NYSE: GCI) called off its merger talks with tronc Inc (NASDAQ: TRNC).

Updated later March 19, 7:52 p.m.: So what led Tronc chairman Michael Ferro to suddenly «retire» today?

Last year, it seemed as if Tronc was the most memorable word of the news year, a new media name seemingly invented as self - parody.

For instance, if Tronc ends up getting sold for $ 18 a share within the next 12 months, Oaktree could gain another $ 11.2 million.

Soon - Shiong «remains a large and supportive shareholder,» said Tronc spokeswoman Marisa Kollias.

«This transaction allows us to fully repay our outstanding debt, significantly lower our pension liabilities and have a substantial cash position following the close of the transaction,» Tronc CEO Justin Dearborn said in a news release.

At this point, even veteran (one - year veteran, that is) Tronc watchers may well be confused by the company's recent cascade of moves.

Though Tronc declined comment for this story and Patrick Soon - Shiong was unavailable, we now can answer that question.

Officially, Tronc paid $ 56.2 million — more than 25 percent of the company's $ 200 million cash holdings as of the end of 2016 — to buy out the remaining shares of Oaktree Capital.

But Tronc still saw a $ 1 million drop in what now classifies as digital circulation revenue.

Just last May, Soon - Shiong's investment of $ 70.5 million in Tribune Publishing and his publishing - aiding technologies were touted by Ferro and his CEO, Justin Dearborn, as they began their «transformation» of old - line Tribune into Tronc, for Tribune Online Content.

Financing was available, but Gannett «determined to terminate discussions with Tronc after considering both accretion to shareholders and whether the terms make sense for the company,» Gannett said in an e-mailed statement Tuesday.

American media publishing company Tronc is expected to announce it is selling California property The Los Angeles Times.

Meanwhile, media observers of all stripes had a field day responding to the company's new name — a word that apparently means «donation box,» from the French term «tronc des pauvres» or «poor box.»