Sell, sell, sell that Tribune Publishing stock

Douglas Manchester on Wednesday (August 12) filed a shelf registration with the Securities and Exchange Commission for the possible sale of the stock he received when Tribune Publishing bought the Union-Tribune from him in May. A shelf registration means Manchester can sell his stock without filing a prospectus.

On May 21 of this year, Manchester sold the U-T to Tribune Publishing for $71 million in cash and 700,869 shares of Tribune Publishing stock. The stock has since cratered, along with the company's revenue and earnings. The company reported this week that for the second quarter, net income fell 80 percent to $3 million from the same quarter of a year earlier, as revenue fell to $410 million from $430 million a year ago.

Tribune Publishing owns the Chicago Tribune, Los Angeles Times, and Baltimore Sun, among other publications. In mid-2014, the company was spun off from the parent company, leaving Tribune Media, which owns TV stations and other non-newspaper assets, and Tribune Publishing.

Initially, Tribune Publishing stock sold above $24. Today (August 14), it closed at $10.77, down 5.19 percent.