Tribune becomes tronc, begins trading on Nasdaq
Chicago-based Tribune Publishing Co., rebranded as tronc, Inc., began trading Monday on the Nasdaq Global Select Market under the ticker symbol TRNC.
The company's stock price opened at $13.96 and closed relatively unchanged at $14.02.
tronc, or Tribune Online Content, said in a statement it plans to create a new model for media companies that combines technology with traditional journalism methods.
"We remain committed to maintaining the highest integrity and value of journalism, while experimenting with how to enhance and deliver engaging visual storytelling," said CEO Justin Dearborn.
The rebranding and switch in trading to Nasdaq from the New York Stock Exchange is the latest in a number of changes of the parent company of newspapers Chicago Tribune and Los Angeles Times.
Tribune split its media empire into separate broadcasting and print companies in 2015, and last February former Chicago Sun-Times owner Michael Ferro Jr., became chairman after he made a $44 million investment through his company Merrick Media, giving him a controlling stake in the company.
Shortly afterword, he fired CEO Jack Griffin and replaced him with Dearborn.
Ferro, who announced the rebranding earlier this month, said the new name reflects the way the company will "pool our technology and content resources to execute on our strategy."
The company also announced that Anne Vasquez, former managing editor of the Sun Sentinel in Fort Lauderdale, Florida, will become tronc's chief digital officer.
Vasquez led the tronc-owned newspaper when it was awarded the 2013 Pulitzer Prize Gold Medal for Public Service.
"We need to bring our stories to life more quickly and dynamically, leaving more time for our journalists to conceive and pursue ideas," Vasquez said.
The company still faces a hostile takeover bid by media company Gannett, which owns USA Today and more than 120 newspapers in the U.S. and United Kingdom. Gannett's earlier bid - estimated at $864 million - was rejected by Tribune stakeholders last month.