Michael Ferro resigned last month as chairman of Chicago-based newspaper chain Tronc. (Todd Maisel/New York Daily News)
Michael Ferro, who resigned last month as chairman of Chicago-based newspaper chain Tronc, has struck a deal to sell his entire stake in the company, according to filing with the Securities and Exchange Commission late Friday.
Ferro, who owned more than 25% of Tronc, the parent of the 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.
The buyer, related to the McCormick family that 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.
He stepped down from the board of Tronc in late March, just hours before Fortune published a story online accusing him of inappropriate sexual behavior toward two women while in his previous role as head of a Chicago investment firm.