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* Could the Chicago Tribune wind up being owned by a rich Democrat? Here’s Robert Feder…
Michael Sacks, a prominent Chicago businessman and top donor to Mayor Rahm Emanuel, could emerge today as the frontrunner to take control of the Chicago Tribune’s parent company. Sources said Sacks, CEO of Grosvenor Capital Management, is poised to make a bid for the shares of former chairman Michael Ferro, who owns a controlling 26 percent stake in the company formerly known as tronc.
Tribune Publishing confirmed a New York Post report that initial bids are due today. Also in the running may be McClatchy Co., Sacramento, California-based publisher of 30 daily newspapers. But McClatchy’s bid reportedly depends on the uncertain participation of biotech billionaire Patrick Soon-Shiong, owner of the Los Angeles Times and Tribune Publishing’s second-largest shareholder. In addition to the Chicago Tribune, the company owns the New York Daily News, Baltimore Sun, Orlando Sentinel and papers in six other cities.
posted by Rich Miller
Thursday, Nov 1, 18 @ 9:33 am
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His history of working with non-profit organizations make tronc a natural extension for him.
Comment by VanillaMan Thursday, Nov 1, 18 @ 9:41 am
Kass and McQueary sweatin’ bullets over there.
Comment by Arsenal Thursday, Nov 1, 18 @ 9:43 am
Ferro lays off reporters to wring what little profit he can out of both Chicago newspapers, gets forced out because of a sexual harassment scandal, walks away with millions of dollars worth of stock, and now gets to sell that stock off to the highest bidding billionaire. The Internet put print journalism on life support, and now the hedge fund boys are smothering the patient with a pillow to its face.
Comment by Roman Thursday, Nov 1, 18 @ 9:48 am
Wow… think about this. McCann gets enough of a % to “qualify” the Conservative party that Local 150 controls.. BVR loses by double digits, he and the Mrs head to Italy. Sachs controls TRONC … the Republican Party becomes a fringe party in Illinois. Can you think of ONE PARTICULAR Democrat who is sitting back smiling ???????
Comment by Wow Thursday, Nov 1, 18 @ 9:51 am
Roman is exactly right.
Comment by Anonymous Thursday, Nov 1, 18 @ 9:58 am
The track record of rich democrats buying Chicago newspapers that then endorse virtually no Republicans is not great
Comment by Anonymous Thursday, Nov 1, 18 @ 10:01 am
–The track record of rich democrats buying Chicago newspapers that then endorse virtually no Republicans is not great–
Track record? Like that one time, a year-and-a-half ago? Do you seriously think endorsements have anything to do with profitability?
Comment by wordslinger Thursday, Nov 1, 18 @ 10:13 am
Wouldn’t that be fun? McQueary could see what her skills would bring on the open market.
Comment by Trapped in the 'burbs Thursday, Nov 1, 18 @ 10:35 am
Yep, let’s make sure we end any dissent about the great way the Dems have run this state since Mr. Madigan gained control. And Yes, I would far sooner read Kass than Huppke.
Comment by NeverPoliticallyCorrect Thursday, Nov 1, 18 @ 11:10 am
–Yep, let’s make sure we end any dissent about the great way the Dems have run this state since Mr. Madigan gained control.–
Can that be done? When you regain consciousness from your frequent fainting spells, perhaps you could explain how that would happen.
Chicago Tribune, the “voice of dissent.” Hilarious.
Comment by wordslinger Thursday, Nov 1, 18 @ 11:45 am
This has to happen. And it requires videotaping the editorial board meeting where the members find out about their new boss.
Comment by Anonymous Thursday, Nov 1, 18 @ 11:53 am
Michael Sacks ain’t no Ferro and on multiple levels for the better.
Comment by Shytown Thursday, Nov 1, 18 @ 12:12 pm