Tronc holder Merrick selling 25.41% stake to McCormick Media
On April 13, Merrick Media, Merrick Venture Management, and Michael W. Ferro, Jr. entered into a Securities Purchase Agreement with McCormick Media, pursuant to which the Seller Parties agreed to sell an aggregate of 9,071,529 shares of Common Stock at a price of $23.00 per share. The transaction contemplated by the Securities Purchase Agreement remains subject to certain closing conditions, including any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, if applicable. Closing of the transaction is expected to occur on or before May 15, 2018. From the date of the Securities Purchase Agreement through the earlier of the closing date of the sale of the Shares to Buyer and the date the Securities Purchase Agreement is terminated, each of the Selling Parties have ageed not to vote the Shares without the consent of Buyer, and each of the Seller Parties has agreed to grant on the Closing Date a proxy with respect to the Shares to be voted at the Company's 2018 Annual Meeting of Shareholders. Merrick directly owns 9,071,529 shares, which represent 25.41% of the company's total shares outstanding.