Tribune Adds Dreier to Board

Tribune Publishing Co., which has faced criticism over the influence of nonexecutive Chairman Michael Ferro over top-level appointments, said Wednesday that former U.S. Rep. David Dreier has been named to the board, effective immediately.

Mr. Ferro has now overseen the appointment of all but two of the directors on Tribune's board, which is made up of nine members including himself. Mr. Dreier, who represented a California district in Congress from 1981 to 2013, takes the board seat of the resigning David Dibble, who had been a director since 2014.

In February, Tribune underwent a shake-up when Mr. Ferro's Merrick Media LLC became the company's largest shareholder, buying 16.6% of the company's shares for $44.4 million.

Mr. Ferro became nonexecutive chairman that month and within weeks had replaced much of the company's upper management, including the naming of a new CEO.

Tribune for months has been pursued as an acquisition target by Gannett Co., though it has repeatedly rebuffed the rival news publisher's offers, saying they undervalue the company.

Representatives from Gannett didn't immediately respond to requests for comment on the board appointment.

Oaktree Capital Management, one of Tribune Publishing Co.'s largest stockholders, demanded in a letter earlier this week to examine the newspaper publisher's books to search for any possible violations in the sale of controlling interest to Mr. Ferro at an allegedly discounted price.

Oaktree said that among the moves worth investigating was the appointment of Mr. Ferro and various "associates" to the board.

In response, a Tribune spokeswoman said Oaktree had launched an "ongoing campaign to distort the facts."

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

June 15, 2016 19:05 ET (23:05 GMT)

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