Elsewhere online
March 03, 2016

Chicago Media Mogul Donates Sun-Times Stake to Charity

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."