Logo

Tronc’s stock tumbled 5.9 percent, to $17.72, after the company confirmed in its after-hours earnings call on Wednesday that two big deals are not closed yet.

McCormick Media said it was going to buy former chairman Michael Ferro’s stock for $23 a share.

That deal has to close by May 15, sources said, but the check has not reached Ferro.

CEO Justin Dearborn said he has had no contact with McCormick Media. When asked if they would be passive or active investors, he confided that he was “uncertain.”

He called the deal between Ferro and McCormick Media for $209 million a “private transaction.”

The larger, $500 million deal by biotech billionaire Patrick Soon-Shiong to buy the Los Angeles Times as well as the San Diego Union-Tribune is still in progress.

While taking longer than expected, he said he expected it to close in “weeks or a month.” He said the official deal agreement does not expire until Aug. 7.

Dearborn said the slowdown was just normal because of separation agreements that had to be reached.

Comments
anonymous profile image
Powered by RoundtableBuilt on infrastructure designed for real-time media. Learn more at RTB.io.© Roundtable 2026. By using this site you agree to the Terms of Use and Privacy Policy