Michael Ferro is retiring as chairman of tronc Inc.'s board.

The company named CEO Justin Dearborn the new chairman of the board, according to a March 19 news release. Ferro's retirement comes as the company prepares to close on the $500 million sale of the Los Angeles Times to local ownership.

The deal is expected to close late in the first quarter or early in the second quarter.

Headquartered in Chicago, tronc operates newsrooms in 10 markets with titles such as the Chicago Tribune, New York Daily News, The Baltimore Sun and the Orlando Sentinel.