Ferro Out at Chicago Tribune Parent as Controversial Reign Ends
- McCormick Media pays $208.6 million for 26% stake in company
- Chairman Ferro stepped down in March amid harassment claims
Michael Ferro
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Michael Ferro’s Merrick Media is selling its stock in Tronc Inc., parent of the Chicago Tribune, to McCormick Media for $208.6 million, ending his tumultous time atop the big newspaper publisher.
Ferro’s company is selling 9.07 million shares of Tronc, formerly Tribune Publishing, for $23 each, according to a regulatory filing Friday. He was the company’s largest shareholder, with a 26 percent stake, according to data compiled by Bloomberg.