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.