Tribune has agreed to issue an aggregate of 4,700,000 shares of its common stock to Nant Capital at $15.00 per share to support the Company’s transformation strategy. The shares to be purchased by Nant Capital, similar to those purchased in the February 4, 2016, investment by Merrick Media, are subject to a three-year lock up. In connection with the transaction, Dr. Patrick Soon-Shiong has been invited to join the Tribune Publishing Board of Directors as Vice Chairman. He will begin serving on June 2, 2016.
Said CEO Justin Dearborn, “We are committed to completely transforming Tribune Publishing and Dr. Soon-Shiong is a tremendous addition to those efforts. He is an innovative and visionary leader with a proven ability to leverage technology and research to drive transformative change and create significant shareholder value. Tribune will benefit from Dr. Soon-Shiong’s penetrating insights and unparalleled technology experience as we execute our strategy. Nant Capital's investment demonstrates strong support for our plan and provides additional capital to accelerate our growth strategies for the benefit of our shareholders and all other Tribune stakeholders.”
Following the transaction, Nant Capital will own approximately 12.9% of Tribune Publishing’s outstanding shares, making Nant Capital Tribune’s second largest shareholder.