Tronc Inc. , the publisher of the Los Angeles Times and the Chicago Tribune, will buy back 3.75 million shares from Oaktree Capital Management LP at $15 a share. The media company also agreed to pay Oaktree additional funds if there is an ownership change within one year at above $15 a share, according to a regulatory filing Thursday. At the same time Oaktree is not allowed to buy additional shares nor take action to influence any potential decision by Tronc to buy or sell assets for two years. Tronc shares fell 1.2% after hours.
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