Tronc Chairman Michael Ferro has increased his stake in the company to nearly 25 percent — the maximum he can own — with the purchase of an additional 2.5 million shares last week from a New York hedge fund.
Ferro and his Merrick Venture Management paid $15 per share, or $37.5 million, to acquire the shares Friday from HG Vora, according to a Securities and Exchange Commission filing Wednesday. An activist investor that built a 10 percent stake in Tronc, HG Vora earlier this year pushed for the Chicago-based newspaper publisher to sell the company.
HG Vora owned 3.625 million shares before Friday's sale.
A Tronc spokeswoman declined to comment Wednesday,...