Tronc Inc., the parent company of the Los Angeles Times and Chicago Tribune, reported a profit of roughly $6.5 million (19 cents a share) in 2016 compared to a loss of $2.8 million (-11 cents a share) the year before.
The profit came on revenue of $1.61 billion – just shy of the $1.62 billion the company posted in 2015. Tronc’s revenue for the quarter ended Dec. 25 amounted to $425 million compared to $457 million in 2015 – a drop of 7 percent.
Tronc saw earnings of $19.4 million in the fourth quarter compared with a loss of $77,000 during the same period in 2015.
The company also announced a leadership change. Timothy P. Knight, who co-founded Wrapports with tronc Chairman Michael Ferro, has been appointed president of tronc’s digital content and commerce division troncX, effective Feb. 23. Wrapports is the parent company of the Chicago Sun-Times.
On Feb. 17, Patrick Soon-Shiong, L.A.’s wealthiest person, purchased more than 14,000 shares in the company in two installments for $13.91 and $13.92. That brings the total number of shares directly or indirectly controlled by Soon-Shiong to more than 5.8 million.
Tronc shares closed at $14.60 on Wednesday, valuing Soon-Shiong’s stake at about $84.7 million.
Contact media and entertainment reporter Diane Haithman at firstname.lastname@example.org. Follow her on Twitter @dhaithman for the latest in L.A. business news.