A deal by Tronc Inc.’s largest shareholder, Michael Ferro, to sell his stake to a relative of the family that helped build the company into a media powerhouse has fallen through, according to a filing with the Securities and Exchange Commission. Michael Ferro had announced in April that he had reached an agreement to sell his a 25.4% stake in Tronc for $23 a share to a group led by Sargent McCormick, a distant relative of Robert R. McCormick, the longtime editor and publisher of the Chicago Tribune who died in 1955.

Source: Wall Street Journal June 05, 2018 23:26 UTC