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In early summer, after the company formerly called Tribune Publishing had rejected two takeover offers from Gannett, two of its biggest investors found themselves in an escalating dispute. The investment firm Oaktree Capital Management was publicly questioning the motives of Michael W. Ferro Jr., an investor and the new chairman of the publishing company, in his decision to rebuff Gannett.
Mr. Ferro formulated his own pointed response: During a meeting in July at his estate in Lake Geneva, Wis., he suggested to top editors and executives that their journalists investigate Oaktree and Bruce Karsh, co-chairman and co-founder of the firm, according to two people with direct knowledge of the meeting.
No damaging article about Oaktree was published, but the episode provides a glimpse into the combative business style of a relatively unknown technology entrepreneur who has become one of the country’s most significant and unpredictable media moguls. Since taking a $44 million stake in Tribune Publishing in February, Mr. Ferro has installed himself as chairman, fired the chief executive and replaced him with a longtime associate, overhauled the senior executive ranks, and reshaped the company’s board so that a majority is aligned with him. […]
Mr. Ferro declined to be interviewed for this article. A spokesman for Mr. Ferro, Dennis Culloton, denied that Mr. Ferro suggested that Tronc’s papers should investigate Oaktree.
Sheesh.
posted by Rich Miller
Monday, Aug 15, 16 @ 11:28 am
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===No damaging article about Oaktree was published,===
No kidding. You dig up dirt, and if you find something juicy, you send it to the target. It’s not about publishing the info, it’s about threatening to publish it, that generates results. Extortion 101.
Well played Mr. Ferro.
Comment by 47th Ward Monday, Aug 15, 16 @ 11:50 am
Um…
We still don’t know who owns the Sun-Times. Anybody gunna follow up on that unidentified charitable trust?
http://www.chicagobusiness.com/article/20160302/NEWS06/160309968/ferro-donates-his-stake-in-sun-times-to-charity
Comment by Anonymous Monday, Aug 15, 16 @ 11:58 am
Gee, do you think a guy like this would allow his political views and business associations influence the Trib’s coverage of state government?
Comment by TF Monday, Aug 15, 16 @ 12:12 pm
As an aside, John Oliver’s bit last week about Tronc was pretty entertaining.
Comment by Anon Monday, Aug 15, 16 @ 12:54 pm
The wealth and power of William Randolph and the political maturity of Patty.
– MrJM
Comment by @MisterJayEm Monday, Aug 15, 16 @ 1:06 pm
MrJM
Comment by walker Monday, Aug 15, 16 @ 5:18 pm