Two years after the parent company of the Chicago Tribune renamed itself Tronc, it’s going back to calling itself Tribune Publishing, the company announced Thursday. The name change, which formally takes effect Tuesday, will close a sorry chapter in the history of the Chicago media giant, which drew nearly universal revulsion and ridicule when it unleashed Tronc on the world in June 2016.
Dr. Patrick Soon-Shiong, the Los Angeles health care billionaire, has apparently shifted sides and is now backing the bid by McClatchy Co. to take over Tronc, owner of the Chicago Tribune, the Baltimore Sun and the struggling Daily News. He had originally backed a bid by hedgie Will Wyatt’s Donerail Group to take over Tronc — but a rift developed between the two in recent weeks, sources say.
Tronc is looking for a new director of labor relations, and one of the job responsibilities will be “maintaining the non-union status of the unorganized employee population.”
The bid by Will Wyatt’s Donerail Group hedge fund to buy Tronc, owner of the Chicago Tribune and the New York Daily News, “is progressing,” but no deal is done yet. Odds of getting one done are improving, however, says one source close to the situation.
Rupert Murdoch owning the New York Daily News? A McCormick controlling the Chicago Tribune again? The L.A. Times pulling a Washington Post, aiming to run the industry’s underlying infrastructure? A lot of change is coming soon.
Patrick Soon-Shiong, the biotech billionaire who paid $500 million to buy the Los Angeles Times from Chicago-based Tronc, may have his sights on acquiring the rest of the company.
Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, is in talks to acquire Tronc Inc., the publisher of Chicago Tribune and other newspapers, people familiar with the matter said on Thursday.
Tronc Inc., the newly slimmed-down newspaper publisher, could get even slimmer. After completing the sale of the Los Angeles Times to billionaire Patrick Soon-Shiong, the Chicago-based company must now decide whether to forge ahead in the news business without its crown jewel or unload more — perhaps even all — of its other newspapers. While the $500 […]
Michael Ferro, the tech entrepreneur and would-be media mogul who was the largest shareholder in Tronc, 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 group reportedly tied to the family of the late Colonel Robert McCormick, longtime publisher of the Chicago Tribune.
The New York billionaire’s buyout shop Apollo Global Management is eyeing an acquisition of publishing empire Tronc — swooping in as negotiations to sell the company’s Los Angeles Times and San Diego Union-Tribune papers have stalled.
Former Los Angeles Times editor-in-chief Lewis D’Vorkin and dozens of other employees of Tronc Inc. were dismissed on Thursday. The cuts, which were made in a joint meeting with all the laid off employees present, included Tribune Interactive’s Los Angeles-based video and online content teams, which operate separately from the Los Angeles Times. No information on the total number of layoffs was immediately available.
Even without the Los Angeles Times, it still controls a lot of important newspapers. Will it sell them to Gannett, Murdoch, local individuals in each city — or to yet another private equity firm looking to strip papers for parts?
On Monday, Ferro announced that he was retiring from the board of directors of Tronc, and that CEO Justin Dearborn would succeed him as chairman. Ferro will still be paid $5 million-per-year by Tronc through Dec. 31, 2020, to serve as a consultant. The action came after two women accused him of inappropriate advances.
One day after the Chicago Tribune axed a dozen journalists, parent company Tronc disclosed raises and bonuses for CEO Justin Dearborn and CFO Terry Jimenez.
Tronc-owned Chicago Tribune staffers bid farewell to more of their colleagues as another wave of layoffs hit the newsroom Thursday. It marked the second round of layoffs in five months.
Journalists at Tronc’s eight local newsrooms learned the day before Valentine’s that the company is launching big plans to get its editors and reporters pivoting to digital.
Tronc is getting a big premium for its flagship asset, and the Times is getting a return to private, local ownership. But a lot of questions remain about where Patrick Soon-Shiong will take his new prize.
Los Angeles Times Publisher and CEO Ross Levinsohn has been cleared of wrongdoing following an investigation into his conduct, and he will move into a new role within the paper’s parent company, chief executive of Tribune Interactive, a business unit that Tronc plans to form following the sale of the Times and the San Diego Union-Tribune to Los Angeles billionaire Patrick Soon-Shiong.
Biotech billionaire Patrick Soon-Shiong has agreed to purchase the Los Angeles Times from its parent company Tronc, restoring local ownership and perhaps ending a turbulent period for the storied 136-year-old institution. Chicago-based Tronc on Wednesday announced the sale of The Times and the San Diego Union-Tribune to Soon-Shiong’s investment firm Nant Capital for nearly $500 million in cash. In addition to the purchase price, the deal includes the assumption of $90 million in pension liabilities.
The owner of the Los Angeles Times is close to a deal to sell the newspaper to Patrick Soon-Shiong, a billionaire Los Angeles doctor, two people familiar with the negotiations said Tuesday. The $500 million deal comes amid months of turmoil at the Times, including upheaval in the editorial and management ranks. The transaction would include the Times and the San Diego Union-Tribune, these people said. Soon-Shiong is a major shareholder in Tronc, the parent company of the Times.
Veteran Chicago journalist Jim Kirk, former publisher and editor-in-chief of the Sun-Times, was appointed interim editor-in-chief of the New York Daily News Thursday. The Daily News has been without an editor-in-chief or publisher since Arthur Browne retired from both jobs at the end of December.
Los Angeles Times’ parent company, Tronc, said Thursday that it had opened an investigation into past conduct of Times Publisher Ross Levinsohn following a detailed report by NPR. NPR’s media writer David Folkenflik reported that Levinsohn has been a defendant in two sexual harassment lawsuits and that the executive engaged in “frat-boy” behavior in work settings before joining the Times in August.
Tronc-owned Los Angeles Times named Forbes Media executive Lewis DVorkin as its new editor in chief, Ross Levinsohn, the paper’s publisher, said Monday. At Forbes, DVorkin, 65, held roles including executive editor, editor and chief product officer. He previously worked at The Wall Street Journal, Newsweek and The New York Times.
The paper’s owner, Mortimer Zuckerman, is selling the nearly 100-year-old tabloid it to Tronc, the publisher of The Los Angeles Times and The Chicago Tribune. The deal represents the end of an era for The News, which was long a voice for New York’s working class. It may also signal the end of the political influence of its owner, the real estate magnate Mortimer B. Zuckerman.
Several top editors at the Los Angeles Times were terminated Monday as the paper’s corporate parent moved to install new leadership. Davan Maharaj, the newspaper’s former editor in chief, has been replaced by Jim Kirk, the former top editor of the Chicago Sun-Times. Kirk left the Sun-Times last week to join Tronc, the owner of the Los Angeles Times, the Chicago Tribune and several other regional newspapers. Kirk’s title will be interim executive editor, and he will lead the search for a new editor in chief.
Tronc, the parent company of the Chicago Tribune, has entered into a nonbinding letter of intent to acquire Wrapports Holdings, which owns the Chicago Sun-Times as well other assets such as the Chicago Reader alternative weekly, the Aggrego digital content business and the syndicated column The Straight Dope. The announcement follows months of discussions between Wrapports and Tronc and after both organizations worked closely with the Department of Justice’s antitrust division.
A look at the investments and acquisitions by 15 different media companies and social networks broken down by infographics, including Discovery Communications, Disney, Hearst and Tronc.
Asset purchase agreement drafts have passed between the two companies and a deal may come as soon as today. Tronc’s board of directors held a meeting last Thursday and its lawyers have been at work on the deal since, with a likely price of $18.50 to $19 a share.
Looks like the third time may be a charm, as Gannett Co.’s latest offer for Tronc has solicited a counteroffer from the former Tribune Publishing. Tronc’s board met last Thursday in Chicago to discuss the counteroffer, but it isn’t talking about the latest moves publicly, Gannett’s most recent offer came in the mid $18-a-share range during an in-person L.A. meeting.
John Oliver brought his brand of acerbic advocacy to newspaper journalism in Sunday’s episode of Last Week Tonight. In his monologue, he decries the profession’s endangerment and assails some of the more absurd turns its digital transition has taken, among them Tronc.
The new name stands for “Tribune online content.” It’s also the former name of Tribune’s new “content curation and monetization” technology, which it now calls TroncX. That’s the backbone of Tribune’s plan to squeeze more money out of digital ads and customize news articles for readers.