AHC - Wired News - Chicago Media Company tronc Acquires The Virginian-Pilot from Landmark Media Enterprises
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LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free research report on tronc, Inc. (NASDAQ: TRNC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=TRNC as the Company's latest news hit the wire. On May 29, 2018, the Company announced that it has acquired all assets and businesses of The Virginian-Pilot Media Companies, LLC from Landmark Media Enterprises LLC. tronc is the parent Company of the Daily Press Media Group and owns several leading newspapers. The deal includes daily paper The Virginian-Pilot, PilotOnline.com, and Pilot Targeted Media. The all-cash transaction is valued at approximately $34 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the Acquisition
As per the terms of the acquisition, tronc has acquired The Virginian-Pilot, plus its portfolio of niche publications like Inside Business and Style Weekly, as well as Companion websites from Landmark Media Enterprises. tronc has agreed to pay $34 million in cash for these assets. The deal also includes The Virginian-Pilot's real estate portfolio of approximately 460,000 square feet. This includes the paper's headquarters in downtown Norfolk, its printing and distribution facilities in Virginia Beach, and a number of satellite offices in Norfolk and North Carolina.
Commenting on the acquisition, Justin Dearborn, Chairman and Chief Executive Officer (CEO) of tronc, said:
"From its founding in 1865, The Virginian-Pilot has a long history of commitment to journalism. We are thrilled to welcome The Virginian-Pilot to the tronc portfolio. The inclusion of The Virginian-Pilot further strengthens our presence in the region and renews our commitment to our long-standing tradition of journalistic excellence."
Rusty Friddell, EVP and General Counsel of Landmark Media Enterprises, added:
"In order to most effectively continue its important work, The Virginian-Pilot must have the benefit of the resources of a large organization. tronc brings the scale and commitment to best serve our important mission."
About The Virginian-Pilot
Based in Norfolk, Virginia, The Virginian-Pilot was founded in 1865 and is the largest daily paper in the Commonwealth of Virginia. The paper has a long history of commitment to journalism. It had a Sunday circulation of 132,000 copies as on Q4 2017. The paper has won three Pulitzer Prizes and was a finalist for 2018 Pulitzer in investigative reporting. The paper's online presence, PilotOnline.com, had a digital audience of 1.9 million monthly unique visitors as of March 2018. The Pilot Targeted Media includes subsidiary publications, such as Inside Business and Style Weekly. The paper's production facility is located in Virginia Beach, Virginia.
About tronc, Inc.
Chicago, Illinois-based tronc is a leading media Company that is known for its award-winning journalism. The Company was earlier known as Tribune Publishing Company and changed its name to tronc, Inc. in June 2016. The newspapers published by the Company includes the Chicago Tribune, Los Angeles Times, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida's Sun-Sentinel, Virginia's Daily Press, and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania, Hartford Courant, and The San Diego Union-Tribune.
In February 2018, tronc had announced the sale of the Los Angeles Times and The San Diego Union-Tribune to Dr. Patrick Soon-Shiong for approximately $500 million, which is not yet completed.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, tronc's stock marginally fell 0.61%, ending the trading session at $16.29.
Volume traded for the day: 77.38 thousand shares.
Stock performance in the past twelve-month period — up 46.10%
After yesterday's close, tronc's market cap was at $566.08 million.
Price to Earnings (P/E) ratio was at 105.10.
The stock is part of the Services sector, categorized under the Publishing - Newspapers industry. This sector was up 1.0% at the end of the session.
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