Robert Channick

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.

Sinclair Broadcast Group is selling WGN-TV (Chicago) to a Maryland auto dealer but would remain in control of the station in what critics say is a bid to skirt ownership limits and win federal regulatory approval for its proposed $3.9 billion acquisition of Tribune Media.

Sinclair Broadcast Group has agreed to buy Tribune Media in a cash and stock deal valued at $3.9 billion. Sinclair will acquire Chicago (IL)-based Tribune Media's 42 television stations and other assets, making the largest station owner in the country even bigger, pending approval from the Federal Communications Commission and federal antitrust regulators. Under the terms of the deal, Baltimore (MD)-based Sinclair will pay $43.50 a share for Tribune Media and will assume approximately $2.7 billion in net debt.

The combined company will become a TV broadcasting behemoth, owning and operating 233 television stations in 108 markets, pending any required divestitures by the FCC. Sinclair owns and operates stations in 81 markets, including Washington (DC), Seattle (WA), St. Louis (MO), Minneapolis (MN), Pittsburgh (PA), and Milwaukee (WI). Its holdings include 54 Fox affiliates, the most of any station group owner. A Chicago broadcasting pioneer, Tribune Media owns WGN-Ch.9 in Chicago, KTLA-TV in Los Angeles and WPIX-TV in New York, a portfolio that was bolstered by the December 2013 acquisition of Local TV's 19-station group for $2.73 billion.

Tribune Publishing has set Aug 4 as the target date for spinning off from Tribune, according to sources familiar with the situation.

The spinoff date was included in a presentation for lenders conducted by Tribune Publishing June 17 in New York, according to sources.

Tribune Publishing is seeking to raise $350 million in conjunction with its planned spinoff from Tribune Co. In an amendment filed with the Securities and Exchange Commission, Tribune Publishing said it will carry $350 million of debt as a stand-alone company, $25 million higher than previously stated. That figure includes a $275 million cash dividend payable to Tribune Co.

The spinoff date will be included in an upcoming amendment. While the Aug. 4 target date may change, the spinoff is unlikely to occur before then, according to sources.