by Robert Channick and Samantha Bomkamp, Chicago Tribune
Michael Ferro, who resigned last month as chairman of Chicago-based newspaper chain Tronc, has struck a deal to sell his entire stake in the company, according to a filing late Friday with the Securities and Exchange Commission.
Ferro, who as the largest shareholder owned more than 25 percent of Tronc, the parent of the Chicago Tribune and other newspapers, agreed to sell his more than 9 million shares for $23 per share, or $208.6 million, to McCormick Media, pending approval by regulators. Ferro owned the shares personally and through his Merrick Media and Merrick Venture Management entities.
The buyer, a distant relation to the McCormick family that controlled the Chicago Tribune throughout much of its history, approached Ferro within the past couple of weeks with the offer, according to a source familiar with the deal.