Michael Ferro sells stake in Los Angeles Times parent Tronc to McCormick family for $208.6 million

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. Ferro owned the shares personally and through his Merrick Media and Merrick Venture Management entities. McCormick Media is related to the McCormick family that controlled the Chicago Tribune throughout much of its history.