Tribune Publishing Co (NYSE:TPUB) shares rose 17.74% to $13.01 on Tuesday following the company’s decision to change its name to tronc, Inc.
According to the company, this represents the shift in their focus to be a “content curation and monetization company.” Tribune Publishing Co (NYSE:TPUB) is a multiplatform media and marketing solutions company whose brands are sources of local news and information across all platforms, including print, online, mobile and social, in the markets they serve. Its media groups include the Chicago Tribune Media Group, the California News Group, the Sun Sentinel Media Group, the Orlando Sentinel Media Group, The Baltimore Sun Media Group, the Hartford Courant Media Group, The Morning Call Media Group and the Daily Press Media Group.
The name change will come into effect by June 20 so the markets have yet to react to this move. Their focus will now shift to creating and distributing premium, verified content across all channels. According to the company’s press release, tronc is short for Tribune online content, which would pool the company’s leading media brands and leverages innovative technology to deliver personalized and interactive experiences. With this change, the ticker symbol will be TRNC.
Our industry requires an innovative approach and a fundamentally different way of operating. Our transformation strategy – which has attracted over $114 million in growth capital – is focused on leveraging artificial intelligence and machine learning to improve the user experience and better monetize our world-class content in order to deliver personalized content to our 60 million monthly users and drive value for all of our stakeholders,” said Chairman Michael Ferro.
Earlier this year, Tribune Publishing Co has already been pretty busy transforming its business model. It has reorganized new operating and reporting units to increase transparency and drive corporate focus, launched troncX or their content curation and monetization machine, and partnered with Nant Capital.
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