Tribune Publishing -> tronc

Gannett deal to buy Tronc is likely imminent

 

Gronk > G-ronc

 

Still imminent?

 

Reliable source says Gannett has pulled offer. Awaiting confirmation

 

Gannett Co., Inc. Terminates Discussions to Acquire tronc, Inc. | Gannett Investor Relations

 

GCI up, TRNC down in pre-market trading: Gannett Abandons Its Attempt to Buy Tronc

 

Looks like Gannett may have scared the banks by cutting too much? (Shrugs)

 

These fucking assholes, etc., etc. ...



The chairman of the company that owns the Los Angeles Times, Chicago Tribune and New York Daily News has awarded himself $15 million in consulting contracts for the publishing conglomerate, according to an SEC filing.

The document, which was filed on Friday afternoon ahead of the Christmas break, provides Merrick Media, the consulting firm owned by tronc Chairman Michael Ferro, with a three-year contract at $5 million per year "to provide certain management expertise and technical services."

Top LA Times, Chicago Tribune Exec Pays Himself $15 Million in Christmas Eve Surprise

 

This kind of stuff is just insane. It should be against the law. I mean there's one person in every chain at the top that gets this kind of money while the company continues to implode. All companies have a leader like this. It's not like these CEOs are valuable. They are the leader of sinking ships and have no ideas that are good ones, have no journalism background and this happens year after year. This guy has awarded himself 15 mill more?? This is all a scam? Management expertise? So basically newspapers today a.) sell their physical property to make one person at the top money and b.) allow the person at the top to do stuff like this, earn more for consulting. And the result of all this? Layoffs, furloughs, layoffs. Did I say gutting of staffs? This should be against the law.

 

If Tronc does not turnaround:

1. Their revenue decline
2. The financial black hole that is the New York Daily News

they are going to be acquired. This contract is, in part, a golden parachute.

One possible tipoff as to the financial state of Tronc is how aggressively they chase Palm Beach. Tronc rolled up the San Diego into Las Angeles and tried to buy Orange County and the Chicago Sun-Times but weer unable to do so for regulatory reasons. Palm Beach makes an immense amount of sense for them to buy but if they pass it may mean they are running out of cash.

 

For what it's worth: According to friends at the Sun Sentinel, there's no indication within the newsroom that Tronc is interested in the Post. Someone asked the publisher about it, and he said he didn't know anything about a possible acquisition and such discussions, if any, are "taking place above my pay grade."

 

tronc stock is selling at $18 a share, as opposed to $14 at this point last year. Not news I particularly enjoy conveying, but there it is.