Bizman sells off his share of News firm

MICHAEL FERRO, former chairman of Daily News parent company Tronc, has struck a deal to sell his entire stake in the business, according to a filing with the Securities and Exchange Commission late Friday.

Ferro, who as the largest shareholder owned more than 25% of Tronc agreed to sell his more than 9 million shares for $23 per share, or $208.6 million, to McCormick Media, pending approval by regulators.

The buyer, related to the McCormick family who controlled the Chicago Tribune throughout much of its history, approached Ferro within the past couple of weeks with the offer, according to a source familiar with the deal.

Ferro, a technology entrepreneur who previously owned the Chicago Sun-Times, became the largest shareholder and chairman of Tribune Publishing in February 2016, and the corporate name was changed to Tronc shortly thereafter.