News. Tronc publishes the Chicago Tribune, the Baltimore Sun, New York Daily News and the Orlando Sentinel. Michael Ferro is known for founding software company Click Commerce and the Chicago-based private equity firm Merrick Ventures. Two years ago, he became chairman and largest shareholder of Tronc (then called Tribune Publishing), after buying the 24.5% stake for a mere $44m. In February this year, Tronc sold The Los Angeles Times to a local biotech billionnaire for a toppy $500m – twice what Jeff Bezos had paid for the similar-sized Washington Post in 2013. Ferro stepped down last month just before the publication of a Fortune magazine allegation of sexual scandal at Tronc. His exit has provoked more reports of impending bids for the whole company from SoftBank, Gannett Co., and Apollo Global Management. SoftBank last year bought the Gatehouse newspaper chain. Gannett had made an unsuccessful bid to buy Tronc in 2016, eight years after it had filed for bankruptcy. Observers of the US sales of newspapers as trophy assets are wondering how long it will be before the same happens in the UK where venerable news brands like The Scotsman and the Daily Telegraph have disappointed their long-term owners.
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Ferro sells 25% stake in US dailies to McCormick for $209m
