"Private jets and golden parachutes: The L.A. Times Guild asks, 'Where is the money?'"
THE PRIVATE JET
Michael Ferro’s private jet alone costs the company millions. From February 2016 through September of this year, Tronc spent $4.6 million to sublease and operate the sleek Bombardier aircraft, which costs $8,500 an hour to fly. The kicker? Tronc subleases the jet from Merrick Ventures, one of Ferro’s companies.
SPORTING EVENTS & GOLDEN PARACHUTES
Tronc spent nearly $250,000 to buy sports tickets from Ferro's company.