Dr. Patrick Soon-Shiong accused the newspaper publisher of “poor corporate governance” in a letter to the company’s board.
Patrick Soon-Shiong and Michael W. Ferro Jr., Tronc’s chairman, were once allies fending off a takeover. Now they are fighting for influence in the company.
American Media Inc. will reportedly pay $100 million to add a celebrity magazine and checkout-counter staple to a roster that also includes OK! and Star.
The group, which also included Ynon Kreiz, had been among the parties that had expressed interest in buying the publisher of Time, Sports Illustrated and People magazines.
The bid is a role reversal for the former Tribune Publishing, which rebuffed a takeover attempt from the Gannett Company last year.