Soon-Shiong and Ferro Stock Up on Additional Tronc SharesOriginally published November 30, 2016 at 4:12 p.m., updated December 1, 2016 at 5:18 p.m.
*This story has bee updated to correct the number of shares purchased by Patrick Soon-Shiong.
Michael Ferro, chairman of L.A. Times owner tronc Inc., has purchased an additional 42,126 shares of stock in the company, according to a Nov. 28 filing with the Securities and Exchange Commission. The stock was acquired through Ferro’s investment vehicle, Merrick Venture Management Holdings, at an average cost of $12.93 a share for a total transaction of about $545,000.
Meanwhile, the company's second-largest shareholder, Patrick Soon-Shiong, purchased another 84,000 shares at prices of $12.90 and $12.94, according to an SEC filing. The acquisition comes less than a week after Soon-Shiong, the wealthiest person in Los Angeles, 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. According to data from Bloomberg News, Soon-Shiong’s stake stands at more than 5.5 million shares, about 15.2 percent of the common stock.
The company issued quarterly earnings of $0.22 a share on Nov. 1, beating analysts’ expectations of $0.15. A potential deal between Gannett Co. and tronc fell apart at the same time.
Tronc stock rose slightly to close at $13.02 a share on Wednesday.
Representatives for both Soon-Shiong and Ferro declined to comment on the additional purchases.
Read More: Soon-Shiong Ups Stake in L.A. Times Parent
Media and entertainment reporter Kristin Marguerite Doidge can be reached at email@example.com. Follow her on Twitter @kmarguerite_usc for the latest in L.A. media news.