The Tronc fiscal year ended Dec. 25, 2016. And under the Tronc tree today, a hard-earned gift. Thanks largely to a $95 million decrease in operating expenses, profits for Q4 were $19.4 million and some of the other key numbers are up as well, capping what CEO Justin Dearborn deems a “transitional year.”
Set to help Dearborn and co. tap balance-sheet cash of $198 million in 2017 is a new fellow executive. Ahead of this afternoon’s earnings call, Tronc has announced that Timothy P. Knight has been hired as president of division TroncX:
Knight, co-founder of the digital business that created cars.com and apartments.com, has been appointed as president of the company’s digital content and commerce division troncX, effective Feb. 2017. Knight recently served as president of Advance Ohio, where he directed the overall strategy, sales, marketing and content of cleveland.com. Prior to that, Knight served as the CEO of Wrapports LLC, president and CEO of Newsday Media Group and as general manager of the Chicago Tribune Media Group.
“Tim is a proven operator, who has both an entrepreneurial spirit and deep expertise in transforming media companies,” said Dearborn.
All in all, a very good week so far for businesses operating in the Los Angeles downtown core. The Tronc positive numbers follow the announcement that Earvin “Magic” Johnson has been tasked to revive the Lakers as president of basketball operations.