CHICAGO (AP) — A distant relative of legendary Chicago Tribune publisher Col. Robert McCormick is seeking a stake in Tronc, the parent company of the newspaper.
Sargent McCormick tells Crain’s Chicago Business there is a need to have a solid newspaper in Chicago that he says “can capture, reclaim its notions of truth and trustworthiness.”
The 35-year-old McCormick wouldn’t talk about plans for the nation’s second-largest newspaper company, which includes the Baltimore Sun and Fort Lauderdale Sun-Sentinel. Tronc announced earlier this year the sale of the Los Angeles Times.
Tronc former chairman Michael Ferro recently disclosed in a Securities & Exchange Commission filing he’s selling his stake to McCormick and his McCormick Media.
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Ferro’s Merrick Media is selling its 25.4 percent stake, or 9 million shares, at $23 a share, according to the filing.
Ferro stepped down as chairman last month just hours before Forbes magazine reported alleged sexual misconduct.