Patrick Soon-Shiong, founder of Nant Capital, has been invited to join the Tribune Publishing's board of directors as vice chairman, effective 2 June 2016.
Following this transaction, Nant Capital will own approximately 12.9% of Tribune Publishing's outstanding shares, making Nant Capital Tribune's second largest shareholder.
In addition, Nant Capital has entered into customary standstill arrangements, including limitations on additional share acquisitions and an agreement to vote its shares in connection with the election of directors and any change of control transaction involving the company proportionally to how all other shares of Tribune common stock are voted.