– Donerail Group, an investment firm led by former activist hedge fund Starboard Value LP executive Will Wyatt, is in talks to acquire Tronc Inc (TRNC.O), the publisher of Chicago Tribune, people familiar with the matter said on Thursday.
Donerail Group has secured financing for the deal and is in advanced negotiations with Tronc, the sources said, cautioning that a deal is not imminent and there is no certainty an agreement will be reached. If a deal is reached, an announcement could come later this month, one of the sources added.
The sources asked not to be identified because the negotiations are confidential. Donerail declined to comment, while Tronc did not immediately respond to a request for comment.