Tribune Publishing names editors as publishers, 'Sun-Times' given to charity trust
Tribune Publishing, the newspaper company that has recently undergone top leadership changes, said Wednesday the editors at its newspapers will assume the additional role of publisher, removing the traditional functional barrier that kept editorial operations apart from the business side.
Tribune Publishing Chairman Michael Ferro also said he’s donating another newspaper he owns, the Chicago Sun-Times, to a charitable trust. The Sun-Times is owned separately by Ferro and is not part of Tribune Publishing, which owns the Los Angeles Times, the Chicago Tribune and nine other dailies.
Tribune Publishing also revealed Wednesday it swung to $77,000 of net loss in the fourth quarter of 2015, compared with $15.5 million of profit a year ago, as expenses rose. Total revenue inched up 1% to $461.8 million, as a gain in circulation helped offset a decline in advertising sales.
Last month, Ferro paid $44.4 million for a 16.6% stake in Tribune Publishing, becoming its single largest shareholder. He then assumed the non-executive chairmanship of its board and began implementing changes in hopes of reinvigorating the struggling company. Less than three weeks after his purchase, Ferro shook up Tribune Publishing's management by replacing CEO Jack Griffin with Ferro's longtime business associate, Justin Dearborn.
In naming nine editors as publishers, Tribune Publishing said the executives are "in the unique position of understanding their local communities, having the trust of their readers and maintaining the highest standards of journalistic integrity while implementing key initiatives that drive the business forward."
Those who were given the additional title, effective immediately, are: Davan Maharaj of the Los Angeles Times; Bruce Dold of the Chicago Tribune; Howard Saltz of the Sun Sentinel (Broward County, Fla.); Jeff Light of The San Diego Union-Tribune; Avido Khahaifa of the Orlando Sentinel; Trif Alatzas of The Baltimore Sun; Andrew Julien of the Hartford Courant; Dave Erdman of The Morning Call (Allentown, Pa..); and Marisa Porto of the Daily Press (Newport News, Va.).
Other changes Tribune announced:
* Starting April, print subscribers will receive free access to the digital content of all Tribune Publishing properties.
* Tribune Publishing has acquired LA.com, a site that will "celebrate Los Angeles." LA Times editor and publisher Maharaj will oversee its launch. Terms of the deal weren't disclosed.
* Denise Warren, a former New York Times executive and president of Tribune's digital operations and CEO of its East Coast publishing unit, is leaving the company immediately.
* Tim Ryan has been promoted to president of publishing, reporting to Dearborn. He was publisher and CEO of California News Group, the Tribune unit that ran the Los Angeles Times and The San Diego Union-Tribune.
In transferring the Sun-Times to a charitable trust, Ferro also is including his others media assets of Wrapports, his company that ran the media businesses. They include Chicago.com and Chicago Reader, a local weekly.
"This divestiture will create a very clear separation of ownership and avoid perceived conflicts of interest, while also providing millions of dollars for community programs and other charitable causes," Sandra Martin, CFO of Tribune Publishing, said in a statement.
The transfer of Wrapports' assets follows a similar move last month by H.F. "Gerry" Lenfest, the Philadelphia-based billionaire who controls the city’s largest newspapers. Lenfest donated The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com, along with a $20 million endowment, to a newly created tax-exempt organization to open the news operations to philanthropic donations.