Greed and genetics: How our founding newspaper families set the stage for Tronc's plundering of the New York Daily News [Los Angeles Times (CA)]
TRONC (TRNC)
Last tronc earnings: 11/1 04:30 pm
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Source: Los Angeles Times
Greed and genetics: How our founding newspaper families set the stage for Tronc's plundering of the New York Daily News Every narrative needs a compelling villain, and in the unfolding story of the evisceration of the New York Daily News, Michael Ferro is it. Not that the role doesn’t suit him. Ferro headed Tronc, the newspaper company, until he resigned as chairman and director in May (though he’s still a major shareholder). The company announced at that time it was paying Ferro $15 million for “consulting,” an expense that produced a quarterly loss of about the same amount. On July 23, Tronc laid off half the Daily News editorial staff, leaving a staff of 45 to cover a metropolis of 9 million. So we have the spectacle of an insider pocketing a big payoff while his company cuts the rank and file to the bone. In 2016, Ferro, a Chicago entrepreneur, bought a controlling interest in what was then Tribune Publishing, a spin-off from the old Tribune Co. and the owner of The Times and the
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