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Trunk, the parent company of the Chicago Tribune, is changing its name and is now known as Tribune Publishing Co.
The Chicago-based company, which also owns the Baltimore Sun; Hartford Courant; Orlando Sentinel; Sun Sentinel from South Florida; the New York Daily News; The Gazette Capital in Annapolis, MD; The Morning Call in Allentown, Pennsylvania; the Daily Press in Newport News, Virginia; and Virginian-Pilot of Norfolk, Virginia, announced the decision on Thursday. It ends over a period of more than two years with the much-criticized nickname of Trunk.
The name change will take effect after the market closes on Tuesday. Starting on Wednesday, the company's shares will be traded on the NASDAQ under the new ticker symbol TPCO.
The name Trunk was unveiled in June 2016, four months after technology entrepreneur Michael Ferro became non-executive chairman and largest shareholder in the news channel. The name, which represented Tribune Online Content and had to be written in lowercase, was quickly ridiculed.
Tribune Publishing was the new corporate name of the press company, established in August 2014 when the publishing unit Tribune Co. was separated from its broadcast stations. Television and radio stations have taken the name of Tribune Media.
Trunk's Board approved the change of name to Tribune Publishing, which required the filing of a modified certificate of incorporation with Delaware and an 8-K form with the Securities and Exchange Commission. No regulatory approval is required.
"We are excited about the company's brand change in Tribune Publishing," spokeswoman Marisa Kollias said in a statement. "It's a nod to our roots and a reinforcement of the journalistic bases on which all our new brands are based."
The disappearance of the name Trunk comes at a time when society might be interested.
Chronology: The saga of the owners of Tribune »
The California-based McClatchy newspaper chain, a publicly traded company with more than 30 newspapers in 14 US states, became a potential buyer last month, according to sources close to the negotiations.
The Donerail Group, a New York-based start-up investment company led by former Starboard Value executive Will Wyatt, is currently negotiating the purchase of Trunk since early August. Sources close to the negotiations indicate that Donerail has offered between $ 19 and $ 20 per share for Tronc, which values the press company to more than $ 700 million.
McClatchy and Donerail have neither confirmed nor denied their interest in the purchase of Trunk.
Tronc spokeswoman Marisa Kollias declined to comment.
Trunk finalized its $ 500 million sale of the Los Angeles Times and San Diego Union-Tribune to biotech billionaire Patrick Soon-Shiong in June, leaving it smaller but virtually debt-free.
Soon-Shiong, who still owns 25% of Trunk, is in talks with McClatchy and Donerail to partner with their respective offerings for the company as a homeowner, sources said.
McClatchy spokespersons Jeanne Segal and Wyatt declined to comment. A spokeswoman for Soon-Shiong did not respond to a request for comment on Thursday.
At a press conference Tuesday in Los Angeles, which was broadcast online, he was asked to Soon-Shiong when he was in advanced negotiations with McClatchy to buy Trunk. "I see this as an opportunity if we can," he said.
"I'm here to say that if McClatchy needs my help, I'm here to support them."
Soon-Shiong also said which name he preferred.
"I do not call it trunk," said Soon-Shiong. "I can not stand this word."
Twitter @RobertChannick
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