Andrea Chang

Michael Ferro, who resigned recently as chairman of Chicago-based newspaper chain Tronc, has struck a deal to sell his entire stake in the company, according to a filing with the Securities and Exchange Commission. Ferro, who owned more than 25% of Tronc -- the parent of the Los Angeles Times, Chicago Tribune and other newspapers -- agreed to sell his more than 9 million shares at $23 per share, or $208.6 million, to McCormick Media, pending approval by regulators.

Jack Griffin, chief executive of Tribune Publishing, said his primary focus at the newly spun-off company is growing online subscriptions and digital advertising at its eight major newspapers.

"The days of just taking your print product and raising the price every year are out of vogue," Griffin said. "We'll be adding more value."

To do so, the rest of Tribune's newspapers will replicate the new Times’ digital format by the end of 2014. The company will also redesign and relaunch all of its mobile apps and restructure subscription packages. Papers that don't currently charge for online access will set up metered pay walls, Griffin said.