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Tronc's top shareholder terminates sale of stake to McCormick Media

Published 06/05/2018, 08:00 PM
Updated 06/05/2018, 08:10 PM
© Reuters. The logo of Tronc Inc (TRNC.O), formerly Tribune Publishing Company, is seen at TechFair LA, a technology job fair, in Los Angeles
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(Reuters) - Newspaper publisher Tronc Inc's (O:TRNC) top shareholder said in a filing http://services.corporate-ir.net/SEC.Enhanced/SecCapsule.aspx?c=254385&fid=15681381 on Wednesday that it had terminated the sale of a stake in the company after the prospective buyer, investor group McCormick (NYSE:MKC) Media, breached its obligations.

Former Tronc chairman Michael Ferro Jr's fund Merrick Venture Management, which owns 25.6 percent of Tronc, agreed in April to sell its stake to McCormick Media for $208.7 million.

The agreement between the companies was reached after Ferro stepped down from Tronc's board in March, just as the Chicago Tribune parent prepared to close a $500 million sale of the Los Angeles Times to billionaire investor Patrick Soon-Shiong.

Selling parties named on the agreement, including Merrick Venture Management, Merrick Media and Ferro, did not provide details of McCormick's alleged breach of terms.

© Reuters. The logo of Tronc Inc (TRNC.O), formerly Tribune Publishing Company, is seen at TechFair LA, a technology job fair, in Los Angeles

McCormick Media did not immediately respond to Reuters' request for comment.

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