Tronc, the ancestor of Virginia Media, is alteration its name aback to Tribune Publishing.
The Chicago-based aggregation appear the accommodation Thursday, catastrophe a added than two-year run with the much-derided accumulated moniker of Tronc.
Virginia Media owns The Virginian-Pilot, Daily Press, the Virginia Gazette in Williamsburg and the Tidewater Review in West Point. Tribune Publishing additionally owns, amidst added newspapers, the Chicago Tribune, the New York Daily News and the Baltimore Sun.
The name change will booty aftereffect afterwards the bazaar closes Tuesday. Beginning Wednesday, the company’s banal will barter on the NASDAQ beneath the new ticker attribute TPCO.
The Tronc name was apparent in June 2016, four months afterwards technology administrator Michael Ferro became nonexecutive administrator and the better actor of the bi-weekly chain. The name, which stood for Tribune Online Content and was advised to be accounting in all-lowercase letters, bound was ridiculed.
Tribune Publishing was the countdown accumulated name for the bi-weekly company, formed in August 2014 aback the Tribune Co. publishing assemblage was spun off from its advertisement stations. The TV and radio stations took the Tribune Media name.
Tronc’s lath accustomed the name change aback to Tribune Publishing, which appropriate filing an adapted affidavit of assimilation with Delaware and a Form 8-K with the Securities and Exchange Commission. No authoritative approval is needed.
The address of the Tronc name comes amidst abeyant absorption in the company’s acquisition.
California-based bi-weekly alternation McClatchy, a about traded aggregation that owns added than 30 newspapers in 14 states, emerged as a abeyant client aftermost month, according to sources accustomed with negotiations.
The Donerail Group, a beginning New York-based advance close headed by above Starboard Value controlling Will Wyatt, has been in negotiations to buy Tronc back aboriginal August. Sources accustomed with negotiations say Donerail has offered amid $19 and $20 per allotment for Tronc, account the bi-weekly aggregation at advancement of $700 million.
McClatchy and Donerail accept neither accepted nor denied their absorption in affairs Tronc.
Tronc backer Marisa Kollias beneath to comment.
Tronc completed its $500 actor auction of the Los Angeles Times and San Diego Union-Tribune to biotech billionaire Patrick Soon-Shiong in June, abrogation it a abate but around debt-free company.
Soon-Shiong, who still owns 25 percent of Tronc, is in discussions with both McClatchy and Donerail to accomplice in their corresponding bids for the aggregation as an owner, according to sources.
McClatchy backer Jeanne Segal and Wyatt beneath to comment. A Soon-Shiong backer did not acknowledgment a appeal for animadversion Wednesday.
During a media appointment Tuesday in Los Angeles, which was advertisement online, Soon-Shiong was asked whether he was in avant-garde negotiations with McClatchy to buy Tronc. “I see this as an befalling if we can,” he said.
He added, “I’m actuality to say if McClatchy needs my help, I’m actuality to abutment them.”
Soon-Shiong additionally fabricated it accepted which name he favored.
“I don’t alarm it Tronc,” Soon-Shiong said. “I can’t angle that word.”
[email protected], Twitter @RobertChannick
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