Shares of Tronc, Inc. , the publisher of major newspapers like the Chicago Tribune and Los Angeles Times, surged more than 6.8% in afternoon trading Tuesday as investors reacted positively to a change in leadership at the top of the company.
Digital media veteran Ross Levinsohn was named CEO and publisher of the L.A. Times, while Jim Kirk, a former editor-in-chief of the Chicago Sun-Times, was named interim executive editor. According to a company press release, Levinsohn and Kirk will work together in the search for a new full-time editor-in-chief.
“Ross is a visionary and innovative executive who is the ideal person to lead the Los Angeles Times into its next stage of growth. We believe his long-standing ties to Southern California and passion for news, coupled with his deep experience in technology and media, make him uniquely qualified to accelerate our growth across the entire company,” said Tronc CEO Justin C. Dearborn.
“We have global ambitions for this brand, and I believe the Los Angeles Times has the potential to further expand and deepen its societal and cultural impact regionally, nationally and around the world,” Levinsohn added.
On his way out is Davan Maharaj, a 28-year veteran of the newspaper, who was appointed editor and publisher in March 2016. The shakeup comes in the wake of widespread internal criticism of Maharaj’s leadership.
Reuters cited two unnamed newsroom veterans who said that paper has been in turmoil for weeks after Maharaj reassigned a popular editor. Apparently, this reassignment prompted numerous complaints to human resources and followed months of staff dissatisfaction.
Due in part to challenges related to the adoption of digital media, The L.A. Times has undergone several management changes and staff layoffs over the past several years. Levinsohn brings years of much-desired digital experience to the paper, including time at the helm of Yahoo! and Fox Interactive Media.
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Here's Why L.A. Times Publisher Tronc (TRNC) Stock Gained Today
Shares of Tronc, Inc. , the publisher of major newspapers like the Chicago Tribune and Los Angeles Times, surged more than 6.8% in afternoon trading Tuesday as investors reacted positively to a change in leadership at the top of the company.
Digital media veteran Ross Levinsohn was named CEO and publisher of the L.A. Times, while Jim Kirk, a former editor-in-chief of the Chicago Sun-Times, was named interim executive editor. According to a company press release, Levinsohn and Kirk will work together in the search for a new full-time editor-in-chief.
“Ross is a visionary and innovative executive who is the ideal person to lead the Los Angeles Times into its next stage of growth. We believe his long-standing ties to Southern California and passion for news, coupled with his deep experience in technology and media, make him uniquely qualified to accelerate our growth across the entire company,” said Tronc CEO Justin C. Dearborn.
“We have global ambitions for this brand, and I believe the Los Angeles Times has the potential to further expand and deepen its societal and cultural impact regionally, nationally and around the world,” Levinsohn added.
On his way out is Davan Maharaj, a 28-year veteran of the newspaper, who was appointed editor and publisher in March 2016. The shakeup comes in the wake of widespread internal criticism of Maharaj’s leadership.
Reuters cited two unnamed newsroom veterans who said that paper has been in turmoil for weeks after Maharaj reassigned a popular editor. Apparently, this reassignment prompted numerous complaints to human resources and followed months of staff dissatisfaction.
Due in part to challenges related to the adoption of digital media, The L.A. Times has undergone several management changes and staff layoffs over the past several years. Levinsohn brings years of much-desired digital experience to the paper, including time at the helm of Yahoo! and Fox Interactive Media.
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Zacks' 10-Minute Stock-Picking Secret
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
But here's something even more remarkable: You can master this proven system without going to a single class or seminar. And then you can apply it to your portfolio in as little as 10 minutes a month. Learn the secret >>