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Tronc considering $700 million sale: report

Chicago Tribune parent Tronc is considering a $700 million offer for the newspaper company, the Chicago Tribune reports. | AP file photo

The parent of the Chicago Tribune is considering an offer that could value the newspaper company at $700 million.

The bid for Tronc is between $19 and $20 a share, the Chicago Tribune reported, citing unnamed sources.

The company’s other papers include the Baltimore Sun, Orlando Sentinel and the New York Daily News.

In June, a deal fell through for former chairman Michael Ferro to sell his 25 percent stake in the company. The buyer was McCormick Media LLC, which is owned by a distant relative of legendary Tribune Publisher Colonel McCormick.