Business & Economy

LA Times parent company gets $44.4M from Chicago investor

The Los Angeles Times building is seen in this June 7, 2012 file photo. The Times' parent company, Tribune Publishing, is getting a cash boost from Michael W. Ferro Jr., chairman and CEO of Chicago's Merrick Media. Ferro will become Tribune's nonexecutive chairman.
The Los Angeles Times building is seen in this June 7, 2012 file photo. The Times' parent company, Tribune Publishing, is getting a cash boost from Michael W. Ferro Jr., chairman and CEO of Chicago's Merrick Media. Ferro will become Tribune's nonexecutive chairman.
Kevork Djansezian/Getty Images

Tribune Publishing is getting a $44.4 million cash boost from an investor in Chicago who will become the nonexecutive chairman of the company that owns the Chicago Tribune and the Los Angeles Times.

The company also suspended its quarterly dividend Thursday to raise much needed cash in the aftermath of an extraordinarily difficult year.

Tribune Publishing has trimmed staff and revenue has slumped as readers and advertisers continue to migrate online.

Michael W. Ferro Jr., chairman and CEO of Chicago's Merrick Media, will become nonexecutive chairman at Tribune Publishing Co., replacing Eddy Hartenstein, who will remain a director.

Tribune Publishing also said Thursday it anticipates fiscal 2015 revenue in a range of $1.66 billion to $1.67 billion.