Tronc chairman Michael Ferro steps down

Michael Ferro, chairman of newspaper publisher Tronc, is retiring from the board of directors as the company looks to finalize a $500 million sale of the Los Angeles Times and the San Diego Union-Tribune to local ownership. He will be succeeded by Tronc CEO Justin Dearborn.

Why it matters: Tronc is the country's third largest newspaper publisher and operates publications in 10 markets, including the Chicago Tribune, New York Daily News and The Baltimore Sun. Dozens of employees were laid off at the Tribune last week.