Michael Ferro, the largest shareholder of tronc, Inc., is stepping down as chairman of the publisher which includes the Chicago Tribune, New York Daily News, South Florida Sun-Sentinel and other newspapers.
Justin Dearborn, CEO of tronc, Inc., has been named chairman of the board.
Ferro’s decision to step down follows the company’s $500 million deal to sell the Los Angeles Times, San Diego Union-Tribune, and other California titles to tronc’s second largest individual shareholder, Los Angeles entrepreneur Dr.
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