Michael W. Ferro, Jr. Appointed Non-Executive Chairman Of Tribune
Publishing Board Of Directors
Highlights:
Investment to support Tribune Publishing’s ongoing strategic plan, including acquisitions and digital initiatives
Board of Directors
appoints Michael W. Ferro, Jr. as Director and Non-Executive Chairman of the
Board of Directors
Eddy W. Hartenstein,
former Non-Executive Chairman, remains on the Tribune Publishing Board of
Directors
Company provides
financial updates
Preliminary 2015 Company
Revenues expected to be in a range of $1.66 billion to $1.67 billion
Full-year preliminary
2015 Adjusted EBITDA expected to be $154 million to $157 million
Company ended fiscal year
2015 with $41 million of cash
Board of Directors suspends quarterly cash
dividend
Tribune Publishing Company (TPUB) today announced it has completed a
$44.4 million private placement transaction with Merrick Media, LLC that will
enhance the Company’s position for pursuing strategic acquisitions and digital
initiatives. Michael W. Ferro, Jr., Chairman and CEO of Merrick Media, joins
the Tribune Publishing Board of Directors as Non-Executive Chairman.
Eddy W. Hartenstein, who has served as Non-Executive
Chairman of Tribune Publishing since its spin-off from Tribune Media Company in
August 2014, remains on the Tribune Publishing Board of Directors.
Commenting on the $44.4 million private placement
transaction, Tribune Publishing Chief Executive Officer Jack Griffin said,
“This transaction supports key elements of our ongoing strategic plan and
provides our Company with additional capital to accelerate our growth
strategies. We continue to evaluate growth opportunities where we can achieve
measurable, value-enhancing synergies that drive financial contribution and
maximize shareholder value.”
Eddy Hartenstein commented, “We are pleased to have
Michael Ferro join our Board. He is a proven value creator, and his strong
entrepreneurial business acumen enhances our ability to execute our strategic
plan and grow the Company.”
Michael Ferro said, “I am excited to be working with the Company’s
award-winning brands. I see tremendous upside to create value and put Tribune
Publishing at the forefront of technology and content to benefit journalists
and shareholders.”
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