More Tronc Shares Purchased by Soon-Shiong, FerroFriday, December 9, 2016
Patrick Soon-Shiong, the second-largest shareholder of L.A. Times parent tronc Inc., has purchased another 98,927 shares of stock in the company on Nov. 29 and Dec. 2 at prices ranging from $12.77 to $13.16, according to a filing with the Securities and Exchange Commission.
The acquisition comes just a day after Soon-Shiong, the wealthiest person in Los Angeles, purchased another 84,675 shares at prices of $12.90 and $12.94 on Nov. 28, according to an SEC filing, and spent more than $826,000 to acquire nearly 65,000 shares in purchases on Nov. 16, 17, and 18 at prices of $12.85 and $12.75 each.
Michael Ferro, chairman of tronc Inc., also purchased an additional 26,175 shares of stock in the company, according to a Nov. 29 filing with the SEC, after purchasing 42,126 shares of stock on Nov. 23. The stock was acquired through Ferro’s investment vehicle, Merrick Venture Management Holdings, at an average cost of $12.94 a share.
Representatives for both Soon-Shiong and Ferro declined to comment on the additional purchases.
In other company news, tronc executive Tony Hunter will be leaving the company after 22 years, according to a Dec. 7 SEC filing. He has served as the president of national revenue and strategic initiatives for tronc since April.
“Our company is well-positioned today thanks to the countless contributions Tony has made,” said Justin Dearborn, chief executive at tronc, in a statement. “He led the Chicago Tribune Media Group through bankruptcy and a rapidly changing business landscape, and was instrumental in helping tronc identify innovative strategic partnerships and initiatives to transform the business.”
Tronc stock fell slightly to close at $13.59 a share on Friday.