Friday, February 5, 2016
Tribune Publishing Gets $44.4M From Merrick Media, LLC
Michael W. Ferro, Jr., Chairman and CEO of Merrick Media, joins the Tribune Publishing Board of Directors as Non-Executive Chairman.
Eddy W. Hartenstein, who has served as Non-Executive Chairman of Tribune Publishing since its spin-off from Tribune Media Company in August 2014, remains on the Tribune Publishing Board of Directors.
Commenting on the $44.4 million private placement transaction, Tribune Publishing Chief Executive Officer Jack Griffin said, “This transaction supports key elements of our ongoing strategic plan and provides our Company with additional capital to accelerate our growth strategies. We continue to evaluate growth opportunities where we can achieve measurable, value-enhancing synergies that drive financial contribution and maximize shareholder value.”
Eddy Hartenstein commented, “We are pleased to have Michael Ferro join our Board. He is a proven value creator, and his strong entrepreneurial business acumen enhances our ability to execute our strategic plan and grow the Company.”
Michael Ferro said, “I am excited to be working with the Company’s award-winning brands. I see tremendous upside to create value and put Tribune Publishing at the forefront of technology and content to benefit journalists and shareholders.”
In addition to his role at Merrick Media, LLC, Mr. Ferro also served as Director and Chairman of the Board of Chicago-based Merge Healthcare, Inc., where he oversaw the revitalization of the technology company and its highly successful sale last year to IBM.
Mr. Ferro is also the past Chairman, Chief Executive Officer and founder of Click Commerce, Inc. Under Mr. Ferro’s leadership, Click Commerce pioneered the market for Internet portals that drove the integration of disparate systems in numerous vertical markets.
Mr. Ferro is the former Chairman of the media and technology company Wrapports, LLC, whose investments include the Chicago Sun-Times, Chicago Reader and several high-growth digital businesses, such as themuse.com and thecube.com. Mr. Ferro will retain his economic interest in Wrapports, LLC. He has relinquished all operating involvement with the Chicago Sun-Times.
Posted 4:18:00 AM