Form 8-K tronc, Inc. For: Jun 18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 18, 2018
TRONC, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-36230 | 38-3919441 | |||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | |||
160 N. Stetson Avenue Chicago, Illinois 60601 | |||||
(Address of Principal Executive Offices) (Zip Code) | |||||
312-222-9100
(Registrant’s Telephone Number, Including Area Code)
435 North Michigan Avenue
Chicago, Illinois 60611
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.02. Termination of a Material Definitive Agreement.
In connection with the completion of the previously announced sale of the Los Angeles Times, The San Diego Union-Tribune and various other titles in the California news group (the “California Properties”), tronc, Inc. (the “Company”) terminated the ABL Credit Agreement, dated as of August 4, 2014 (as amended, amended and restated, extended, supplemented or otherwise modified) among tronc, Inc. (f/k/a Tribune Publishing Company), the several lenders party thereto and Bank of America, N.A., paid all outstanding amounts in connection therewith and backstopped and/or cash collateralized all outstanding letters of credit in connection therewith.
Also in connection with the completion of the previously announced sale of the California Properties, the Company prepaid all outstanding amounts under the Term Loan Credit Agreement, dated as of August 4, 2014 (as amended, amended and restated, extended, supplemented or otherwise modified) among tronc, Inc. (f/k/a Tribune Publishing Company), the several lenders party thereto and JPMorgan Chase Bank, N.A., resulting in the termination of such credit agreement.
Item 2.01. Completion of Acquisition or Disposition of Assets.
On June 18, 2018, the Company completed the previously announced sale of the California Properties to Nant Capital, LLC for a gross purchase price of $500 million in cash, plus the assumption of approximately $80 million in unfunded pension liabilities, subject to a customary post-closing working capital adjustment (the "Transaction"). The unaudited pro forma condensed consolidated financial statements of the Company, giving effect to the disposition of the California Properties, are attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 8.01. Other Events.
On June 18, 2018, the Company issued a press release announcing the closing of the Transaction. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(b) | Pro Forma Information. |
The unaudited pro forma condensed consolidated balance sheet of tronc, Inc.
(d) | Exhibits. |
Exhibit No. | Description | |
99.1 | ||
99.2 | ||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRONC, INC. | ||
By: | /s/ Julie K. Xanders | |
Date: June 20, 2018 | Name: | Julie K. Xanders |
Title: | Executive Vice President, General Counsel and Secretary | |
EXHIBIT 99.1
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
As of April 1, 2018
(In thousands) (Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Debt Repayment | Proforma | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash | $ | 162,731 | $ | (38 | ) | (a) | $ | (5,990 | ) | (b) | $ | (347,981 | ) | (e) | $ | 242,915 | ||||
2,275 | (c) | 474,518 | (d) | (42,600 | ) | (f) | ||||||||||||||
Accounts receivable, net | 153,533 | (27 | ) | (a) | (41,630 | ) | (b) | — | 111,876 | |||||||||||
Inventories | 13,277 | (62 | ) | (a) | (4,522 | ) | (b) | — | 8,693 | |||||||||||
Prepaid expenses and other | 26,870 | (1 | ) | (a) | (3,123 | ) | (b) | — | 23,746 | |||||||||||
Total current assets | 356,411 | 2,147 | 419,253 | (390,581 | ) | 387,230 | ||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Machinery, equipment and furniture | 130,289 | (973 | ) | (a) | (12,481 | ) | (b) | — | 116,835 | |||||||||||
Buildings and leasehold improvements | 43,246 | — | (5,648 | ) | (b) | — | 37,598 | |||||||||||||
173,535 | (973 | ) | (18,129 | ) | — | 154,433 | ||||||||||||||
Accumulated depreciation | (77,788 | ) | 517 | (a) | 8,379 | (b) | (68,892 | ) | ||||||||||||
95,747 | (456 | ) | (9,750 | ) | — | 85,541 | ||||||||||||||
Advance payments on property, plant and equipment | 14,007 | — | (873 | ) | (b) | — | 13,134 | |||||||||||||
Property, plant and equipment, net | 109,754 | (456 | ) | (10,623 | ) | — | 98,675 | |||||||||||||
Other assets | ||||||||||||||||||||
Goodwill | 203,464 | (100 | ) | (a) | (76,990 | ) | (b) | — | 126,374 | |||||||||||
Intangible assets, net | 144,078 | — | (59,057 | ) | (b) | — | 85,021 | |||||||||||||
Software, net | 39,774 | — | (199 | ) | (b) | — | 39,575 | |||||||||||||
Restricted cash | — | — | — | 42,600 | (f) | 42,600 | ||||||||||||||
Deferred income taxes | 28,886 | 113 | (a) | (28,996 | ) | (b) | — | 3 | ||||||||||||
Other long-term assets | 30,818 | — | (1,844 | ) | (b) | — | 28,974 | |||||||||||||
Total other assets | 447,020 | 13 | (167,086 | ) | 42,600 | 322,547 | ||||||||||||||
Total assets | $ | 913,185 | $ | 1,704 | $ | 241,544 | $ | (347,981 | ) | $ | 808,452 | |||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
1
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
As of April 1, 2018
(In thousands) (Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Debt Repayment | Proforma | ||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current portion of long-term debt | $ | 21,829 | $ | — | $ | (342 | ) | (b) | $ | (21,090 | ) | (e) | $ | 397 | ||||||
Accounts payable | 75,281 | (49 | ) | (a) | (10,048 | ) | (b) | — | 65,184 | |||||||||||
Employee compensation and benefits | 56,421 | (31 | ) | (a) | (11,506 | ) | (b) | — | 44,884 | |||||||||||
Deferred revenue | 79,740 | (61 | ) | (a) | (22,715 | ) | (b) | — | 56,964 | |||||||||||
Other current liabilities | 24,291 | 578 | (g) | (2,704 | ) | (b) | (2,161 | ) | (g) | 127,440 | ||||||||||
107,436 | (g) | |||||||||||||||||||
Total current liabilities | 257,562 | 437 | 60,121 | (23,251 | ) | 294,869 | ||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Long-term debt | 326,979 | — | (728 | ) | (b) | (319,174 | ) | (e) | 7,077 | |||||||||||
Deferred revenue | 3,534 | — | — | — | 3,534 | |||||||||||||||
Pension and postretirement benefits payable | 104,494 | — | (84,412 | ) | (b) | — | 20,082 | |||||||||||||
Other obligations | 90,201 | — | (25,522 | ) | (b) | — | 64,679 | |||||||||||||
Total non-current liabilities | 525,208 | — | (110,662 | ) | (319,174 | ) | 95,372 | |||||||||||||
Noncontrolling interest | 42,062 | — | — | — | 42,062 | |||||||||||||||
Stockholders' equity | 88,353 | 1,267 | (h) | 292,085 | (h) | (5,556 | ) | (h) | 376,149 | |||||||||||
Total liabilities and stockholders’ equity | $ | 913,185 | $ | 1,704 | $ | 241,544 | $ | (347,981 | ) | $ | 808,452 | |||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
2
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
For the three months ended April 1, 2018
(In thousands, except per share amounts)
(Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Debt Repayment | Proforma | ||||||||||||||||
Operating revenues | $ | 355,616 | $ | (922 | ) | (i) | $ | (116,122 | ) | (j) | $ | — | $ | 238,572 | ||||||
Operating expenses: | ||||||||||||||||||||
Compensation | 144,537 | (325 | ) | (i) | (33,232 | ) | (j) | — | 110,980 | |||||||||||
Newsprint and ink | 22,034 | — | (7,435 | ) | (j) | — | 14,599 | |||||||||||||
Outside services | 130,559 | (266 | ) | (i) | (31,265 | ) | (j) | — | 99,028 | |||||||||||
Other operating expenses | 62,598 | (61 | ) | (i) | (29,580 | ) | (j) | — | 32,957 | |||||||||||
Depreciation and amortization | 14,649 | (63 | ) | (i) | (1,567 | ) | (j) | — | 13,019 | |||||||||||
Total operating expenses | 374,377 | (715 | ) | (103,079 | ) | — | 270,583 | |||||||||||||
Loss from operations | (18,761 | ) | (207 | ) | (13,043 | ) | — | (32,011 | ) | |||||||||||
Interest expense, net | (6,594 | ) | — | 30 | (j) | 6,620 | (k) | 56 | ||||||||||||
Loss on equity investments, net | (729 | ) | — | — | — | (729 | ) | |||||||||||||
Other income, net | 4,388 | — | (725 | ) | — | 3,663 | ||||||||||||||
Loss before income taxes | (21,696 | ) | (207 | ) | (13,738 | ) | 6,620 | (29,021 | ) | |||||||||||
Income tax benefit | (7,185 | ) | (58 | ) | (i) | (3,845 | ) | (j) | 1,852 | (l) | (9,236 | ) | ||||||||
Net loss | (14,511 | ) | (149 | ) | (9,893 | ) | 4,768 | (19,785 | ) | |||||||||||
Less: Income attributable to noncontrolling interest | 262 | — | — | — | 262 | |||||||||||||||
Net loss attributable to tronc common stockholders | $ | (14,773 | ) | $ | (149 | ) | $ | (9,893 | ) | $ | 4,768 | $ | (20,047 | ) | ||||||
Net loss attributable to tronc common share: | ||||||||||||||||||||
Basic | $ | (0.42 | ) | $ | (0.58 | ) | ||||||||||||||
Diluted | $ | (0.42 | ) | $ | (0.58 | ) | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 34,801 | 34,801 | ||||||||||||||||||
Diluted | 34,801 | 34,801 | ||||||||||||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
3
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
For the year ended December 31, 2017
(In thousands, except per share amounts)
(Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Debt Repayment | Proforma | ||||||||||||||||
Operating revenues | $ | 1,524,018 | $ | (4,407 | ) | (i) | $ | (503,975 | ) | (j) | $ | — | $ | 1,015,636 | ||||||
Operating expenses: | ||||||||||||||||||||
Compensation | 549,363 | (2,968 | ) | (i) | (141,879 | ) | (j) | — | 404,516 | |||||||||||
Newsprint and ink | 94,340 | — | (35,099 | ) | (j) | — | 59,241 | |||||||||||||
Outside services | 468,044 | (2,717 | ) | (i) | (133,900 | ) | (j) | — | 331,427 | |||||||||||
Other operating expenses | 288,986 | (3,824 | ) | (i) | (122,011 | ) | (j) | — | 163,151 | |||||||||||
Depreciation and amortization | 56,696 | (250 | ) | (i) | (7,313 | ) | (j) | — | 49,133 | |||||||||||
Total operating expenses | 1,457,429 | (9,759 | ) | (440,202 | ) | — | 1,007,468 | |||||||||||||
Income from operations | 66,589 | 5,352 | (63,773 | ) | — | 8,168 | ||||||||||||||
Interest expense, net | (26,481 | ) | — | 147 | (j) | 25,826 | (k) | (508 | ) | |||||||||||
Premium on stock buyback | (6,031 | ) | — | — | — | (6,031 | ) | |||||||||||||
Income (loss) on equity investments, net | 3,139 | — | (5,842 | ) | (j) | — | (2,703 | ) | ||||||||||||
Income (loss) before income taxes | 37,216 | 5,352 | (69,468 | ) | 25,826 | (1,074 | ) | |||||||||||||
Income tax expense | 31,681 | 2,181 | (i) | (28,305 | ) | (j) | 10,523 | (l) | 16,080 | |||||||||||
Net income (loss) | $ | 5,535 | $ | 3,171 | $ | (41,163 | ) | $ | 15,303 | $ | (17,154 | ) | ||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | 0.16 | $ | (0.50 | ) | |||||||||||||||
Diluted | $ | 0.16 | $ | (0.50 | ) | |||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 33,996 | 33,996 | ||||||||||||||||||
Diluted | 34,285 | 33,996 | ||||||||||||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
4
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
For the year ended December 25, 2016
(In thousands, except per share amounts)
(Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Proforma | |||||||||||||
Operating revenues | $ | 1,606,378 | $ | (10,601 | ) | (i) | $ | (532,408 | ) | (j) | $ | 1,063,369 | ||||
Operating expenses: | ||||||||||||||||
Compensation | 597,293 | (3,820 | ) | (i) | (149,952 | ) | (j) | 443,521 | ||||||||
Newsprint and ink | 103,906 | — | (41,378 | ) | (j) | 62,528 | ||||||||||
Outside services | 494,478 | (2,713 | ) | (i) | (145,073 | ) | (j) | 346,692 | ||||||||
Other operating expenses | 300,089 | (5,059 | ) | (i) | (119,072 | ) | (j) | 175,958 | ||||||||
Depreciation and amortization | 57,499 | (110 | ) | (i) | (6,026 | ) | (j) | 51,363 | ||||||||
Total operating expenses | 1,553,265 | (11,702 | ) | (461,501 | ) | 1,080,062 | ||||||||||
Income (loss) from operations | 53,113 | 1,101 | (70,907 | ) | (16,693 | ) | ||||||||||
Interest expense, net | (26,703 | ) | — | 142 | (j) | (26,561 | ) | |||||||||
Income (loss) on equity investments, net | (690 | ) | — | (797 | ) | (j) | (1,487 | ) | ||||||||
Reorganization items, net | (259 | ) | — | — | (259 | ) | ||||||||||
Income (loss) before income taxes | 25,461 | 1,101 | (71,562 | ) | (45,000 | ) | ||||||||||
Income tax expense (benefit) | 18,924 | 449 | (i) | (29,159 | ) | (j) | (9,786 | ) | ||||||||
Net income (loss) | $ | 6,537 | $ | 652 | $ | (42,403 | ) | $ | (35,214 | ) | ||||||
Net income (loss) per common share: | ||||||||||||||||
Basic | $ | 0.19 | $ | (1.04 | ) | |||||||||||
Diluted | $ | 0.19 | $ | (1.04 | ) | |||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 33,788 | 33,788 | ||||||||||||||
Diluted | 33,935 | 33,788 | ||||||||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
5
TRONC, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
For the year ended December 27, 2015
(In thousands, except per share amounts)
(Unaudited)
tronc, Inc. | Forsalebyowner.com | California Properties | Proforma | |||||||||||||
Operating revenues | $ | 1,672,820 | $ | (12,879 | ) | (i) | $ | (514,056 | ) | (j) | $ | 1,145,885 | ||||
Operating expenses: | ||||||||||||||||
Compensation | 649,905 | (2,428 | ) | (i) | (165,251 | ) | (j) | 482,226 | ||||||||
Newsprint and ink | 122,339 | — | (44,084 | ) | (j) | 78,255 | ||||||||||
Outside services | 513,896 | (2,569 | ) | (i) | (144,498 | ) | (j) | 366,829 | ||||||||
Other operating expenses | 307,080 | (5,264 | ) | (i) | (109,888 | ) | (j) | 191,928 | ||||||||
Depreciation and amortization | 54,633 | (101 | ) | (i) | (3,565 | ) | (j) | 50,967 | ||||||||
Total operating expenses | 1,647,853 | (10,362 | ) | (467,286 | ) | 1,170,205 | ||||||||||
Income (loss) from operations | 24,967 | (2,517 | ) | (46,770 | ) | (24,320 | ) | |||||||||
Interest expense, net | (25,972 | ) | — | 75 | (j) | (25,897 | ) | |||||||||
Loss on equity investments, net | (1,164 | ) | — | (531 | ) | (j) | (1,695 | ) | ||||||||
Reorganization items, net | (1,026 | ) | — | — | (1,026 | ) | ||||||||||
Loss before income taxes | (3,195 | ) | (2,517 | ) | (47,226 | ) | (52,938 | ) | ||||||||
Income tax benefit | (430 | ) | (1,025 | ) | (i) | (19,242 | ) | (j) | (20,697 | ) | ||||||
Net loss | $ | (2,765 | ) | $ | (1,492 | ) | $ | (27,984 | ) | $ | (32,241 | ) | ||||
Net loss per common share: | ||||||||||||||||
Basic | $ | (0.11 | ) | $ | (1.24 | ) | ||||||||||
Diluted | $ | (0.11 | ) | $ | (1.24 | ) | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 25,990 | 25,990 | ||||||||||||||
Diluted | 25,990 | 25,990 | ||||||||||||||
The accompanying notes are an integral part of these proforma combined financial statements.
6
TRONC, INC.
NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands) (Unaudited)
NOTE 1: BASIS OF PRESENTATION
The accompanying unaudited pro forma condensed consolidated financial statements of tronc, Inc. and subsidiaries (the “Company”) were derived from the Company’s historical consolidated financial statements. The unaudited pro forma balance sheet as of April 1, 2018 was adjusted to reflect the sale of Forsalebyowner.com for an aggregate purchase price of $2.5 million, which closed on May 23, 2018, and the Los Angeles Times, The San Diego Union-Tribune and various other titles of the Company’s California properties (the “California Properties”) for a gross purchase price of $500.0 million, which closed on June 18, 2018, as though the dispositions occurred on April 1, 2018.
The unaudited pro forma condensed consolidated statements of operations for the quarter ended April 1, 2018 and the years ended December 31, 2017, December 25, 2016 and December 27, 2015, were prepared as though the dispositions occurred on December 29, 2014, the first day of the Company’s fiscal year 2015, and as though the debt repayment discussed below occurred on December 26, 2016, the first day of the Company’s fiscal year 2017. Forsalebyowner.com and the California Properties will be reported as discontinued operations beginning with the Company’s second fiscal quarter ending July 1, 2018.
In connection with the completion of the sale of the California Properties, the Company terminated the ABL Credit Agreement, dated as of August 4, 2014 (as amended, amended and restated, extended, supplemented or otherwise modified) among tronc, Inc. (f/k/a Tribune Publishing Company), the several lenders party thereto and Bank of America, N.A., paid all outstanding amounts in connection therewith and backstopped and/or cash collateralized all outstanding letters of credit in connection therewith.
Also in connection with the completion of the sale of the California Properties, on June 20, 2018, the Company prepaid all outstanding amounts under the Term Loan Credit Agreement, dated as of August 4, 2014 (as amended, amended and restated, extended, supplemented or otherwise modified) among tronc, Inc. (f/k/a Tribune Publishing Company), the several lenders party thereto and JPMorgan Chase Bank, N.A., resulting in the termination of such credit agreement.
The unaudited pro forma condensed consolidated financial statements are furnished for informational purposes only and do not purport to reflect the Company’s financial position and results of operations had the dispositions occurred on the dates as indicated above. Further, these financial statements are not necessarily indicative of the Company’s future financial position and future results of operations and should be read in conjunction with the historical financial statements of the Company included in its Annual Report on Form 10‑K for the year ended December 31, 2017 and the Company’s Quarterly Report on Form 10-Q for the quarter ended April 1, 2018.
NOTE 2: PRO FORMA ADJUSTMENTS
The pro forma adjustments are based on preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma combined financial information:
Adjustments to the pro forma condensed combined balance sheet
(a) | To eliminate the assets and liabilities of Forsalebyowner.com. |
(b) | To eliminate the assets and liabilities of the California Properties. |
(c) | The cash adjustment amount includes gross proceeds of $2.5 million received from the sale of Forsalebyowner.com on May 23, 2018 and is decreased by selling expenses requiring payment at closing, which total approximately $0.2 million. |
(d) | The cash adjustment amount includes gross proceeds of $500.0 million received from the sale of the California Properties on June 18, 2018 and is decreased by preliminary working capital adjustments and selling expenses requiring payment at closing, which total approximately $25.5 million. |
(e) | The cash and long-term debt adjustment amounts represent repayment of the long-term debt. |
(f) | The cash and restricted cash adjustment amounts represent the cash collateralization of the outstanding letters of credit related to the termination of the ABL Credit Agreement. |
(g) | Other current liabilities adjustments represent estimated taxes payable related to the sale of Forsalebyowner.com, and the California Properties, offset by the estimated tax benefit related tot he loss on the early repayment of debt, calculated at the statutory rate. |
(h) | Stockholders’ equity was adjusted as a result of adjustments (a) through (f), which represents the estimated after-tax gain on the dispositions of Foresalebyowner.com and the California Properties, net of the estimated after-tax loss on the early repayment of debt. |
Adjustments to the pro forma condensed statements of operations
(i) | To eliminate the revenues and expenses of Forsalebyowner.com. |
(j) | To eliminate the revenues and expenses of the California Properties. |
(k) | To eliminate the interest expense related to the long-term debt repaid with the proceeds from the sale of the California Properties. |
(l) | Estimated income tax effect of the repayment of long-term debt. |
7
EXHIBIT 99.2
***MEDIA STATEMENT***
tronc, Inc. Announces Closing of the Los Angeles Times and The San Diego Union-Tribune Sale
CHICAGO, June 18, 2018 (GLOBE NEWSWIRE) -- tronc, Inc. (NASDAQ: TRNC) today announced that it has closed the sale of the Los Angeles Times, The San Diego Union-Tribune and other various California properties to Nant Capital, LLC.
“We are very pleased to close this transaction, which greatly strengthens our balance sheet and significantly lowers our pension liabilities,” said Justin Dearborn, Chairman and CEO of tronc. “We are now positioned to further reinvest in our business and enhance our capabilities to continue to deliver world-class journalism. We are confident that high quality journalism will continue with the changeover to local leadership of the Los Angeles Times and The San Diego Union-Tribune.”
Contacts:
Media Relations:
tronc
Marisa Kollias
312.222.3308
Investor Relations:
tronc
Aaron Miles
312.222.4345