Tribune Publishing Co. announced on June 2, 2016 that it is changing its name to tronc Inc. The company, who owns the Chicago Tribune, Sun Sentinel, Los Angeles Times, Baltimore Sun, Orlando Sentinel, and Hartford Courant, has over 90 Pulitzer Prizes under its belt.
Report by Paula Antolini
June 3, 2016 2:42PM EDT
NATIONAL NEWS
Tribune Publishing Rebranding to New Name ‘tronc’
Tribune Publishing Co. (NYSE:TPUB) announced on June 2, 2016, after its shareholder meeting on Thursday, that it is changing its name to tronc, Inc. (yes lower case “t”) standing for “tribune online content.” The name change will become effective on June 20, 2016, the company said in a published statement on their website.
The company, who owns the Chicago Tribune, Sun Sentinel, Los Angeles Times, Baltimore Sun, Orlando Sentinel, and Hartford Courant, has numerous Pulitzer Prizes under its belt. “Newspapers currently operated by Tribune Publishing have won over 90 Pulitzer Prizes, the highest honor in journalism.”
tronc is now described as: “a content curation and monetization company focused on creating and distributing premium, verified content across all channels. tronc, or tribune online content, captures the essence of the Company’s mission. tronc pools the Company’s leading media brands and leverages innovative technology to deliver personalized and interactive experiences to its 60 million monthly users.”
The Company also announced that it will be transferring its stock exchange listing from the New York Stock Exchange (“NYSE”) to The Nasdaq Global Select Market (“Nasdaq”). tronc expects its common stock to begin trading as a Nasdaq-listed security under the new ticker symbol “TRNC” on June 20.
Chairman Michael Ferro said, “Our industry requires an innovative approach and a fundamentally different way of operating. Our transformation strategy – which has attracted over $114 million in growth capital – is focused on leveraging artificial intelligence and machine learning to improve the user experience and better monetize our world-class content in order to deliver personalized content to our 60 million monthly users and drive value for all of our stakeholders. Our rebranding to tronc represents the manner in which we will pool our technology and content resources to execute on our strategy.”
Earlier this year, the Company announced a plan to transform its business. Since then, the Company has made important progress, including:
• Reorganizing the business into new operating and reporting units to increase transparency and drive corporate focus.
• Launching troncX, our content curation and monetization engine, to combine existing assets with new artificial intelligence (“AI”) technology to accelerate digital growth. The Company conducted a 30-day pilot of its AI efforts involving 1% of its traffic, delivering a 400% increase in the yield on programmatic revenue.
• Partnering with Nant Capital and Dr. Patrick Soon-Shiong to accelerate the transformation from a legacy news company to a technology and content company, including gaining access to over 100 machine vision and artificial intelligence technology patents for news media applications.
As previously announced, Dr. Patrick Soon-Shiong also joined the Company’s Board of Directors today as Vice-Chairman.
“We are pleased to welcome Dr. Patrick Soon-Shiong – a highly-regarded visionary and innovator – to our Board of Directors,” said Ferro. “We will benefit from Dr. Soon-Shiong’s entrepreneurial spirit and strong technology expertise as we aggressively implement the changes necessary to transform the Company and create superior value.”
“I am excited to join the Company as Vice-Chairman during this pivotal moment of transformation and revitalization,” said Dr. Patrick Soon-Shiong. “Today’s announcement underscores the Board’s commitment to completely transform the Company and the industry to protect the vital role that free speech plays in our communities. In the wake of significant disruption, it is time to bring the legacy publishing business into the modern era and leverage innovative technology – from machine learning to artificial intelligence – to create long-term sustainability and vitality.”
In an interview in Bloomberg Technology, Soon-Shiong a 63-year-old surgeon and chief executive officer of NantKwest Inc., a cancer-research firm, said he, “wants to use ‘machine vision’ technology he’s developed to transform the experience of reading a print newspaper. The Tribune’s portfolio of newspapers includes the Los Angeles Times and Chicago Tribune.”
“You’d be bringing to life whatever you see on the newspaper,” Soon-Shiong said. “Every page, every picture, every commercial is merely a TV channel activated by the picture itself through machine vision recognition.”
CEO Justin Dearborn continued, “We are pleased to partner with Nasdaq as our new stock market listing and are thrilled to be joining other leading innovators and technology companies listed on the exchange. We are confident Nasdaq will provide an ideal trading platform for tronc and cost effective access to a portfolio of tools and services to reach investors.”
“With its transfer to Nasdaq, tronc and its diverse portfolio of journalism and digital services joins the media and technology industries’ most innovative and dynamic leaders listed on the public markets,” said Nelson Griggs, Executive Vice President, Listing Services at Nasdaq. “We are proud to welcome tronc to the Nasdaq family and look forward to our partnership with the Company and its shareholders as the next phase of its growth strategy begins.”
The Company also plans to launch www.tronc.com, a visual content portal that will curate tronc’s premium content across all of its award-winning brands in one convenient place. The Company’s corporate website and investor relations pages will live within that platform after the transfer to Nasdaq on June 20.
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