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Tronc unit completes sale of real estate marketplace business

Tronc Inc. on May 23 completed the sale of all assets related to its for-sale-by-owner real estate marketplace business ForSaleByOwner.com to Michigan-based In-House Realty LLC.

The closing purchase price consisted of $2.5 million in cash, subject to a post-closing working capital adjustment, of which $700,000 is being held in escrow as security for specified indemnity obligations.

As part of the transaction, In-House Realty also purchased advertising placements from tronc subsidiary Tribune Publishing Company LLC worth at least $4.5 million over a two-year term.