Michael Ferro, who earlier month became the largest shareholder in the company that owns the Chicago Tribune, has given his ownership stake in the rival Chicago Sun-Times to an as-yet-unidentified charitable trust, the Sun-Times and Crain's Chicago Business report.
Mr. Ferro was the majority owner of a holding company that purchased the Sun-Times in 2011. He became chairman of Tribune Publishing on February 4 after his Merrick Media bought a 16.6 percent stake in the firm for $44.4 million.
His Sun-Times divestiture will "avoid perceived conflicts of interest, while also providing millions of dollars for community programs and other charitable causes,” said Sandra Martin, Tribune Publishing's chief financial officer, in a statement. A company spokeswoman said financial details on Mr. Ferro's donation will be announced "at a later date."