Tronc chairman Michael Ferro stepped down from the company’s board Monday, just a hours before Fortune published a story accusing him of sexual misconduct towards two women during his time as head of a Chicago investment firm.

According to Fortune, Ferro forcibly kissed Katheryn Minshew, CEO and co-founder of The Muse in 2013, after investing in her startup a year earlier. Another woman, Hagan Kappler, an executive at Ingersoll Rand, a manufacturing giant, told Fortune that Ferro groped her in his Las Vegas hotel suite during a meeting.

“I stopped thinking in complete thoughts. My whole body felt like ice,” Minshew told Fortune. “I suddenly realized that I was alone in this apartment with him and that it might not be very easy to leave.”

Also Read: Los Angeles Times Owner Tronc to Sell Paper to Billionaire Patrick Soon-Shiong for $500 Million

In response to the Fortune story, Tronc told TheWrap: “Michael Ferro has had no claims filed against him while leading tronc as chairman. Further, we are aware of no claims filed against Mr. Ferro throughout his career. As Mr. Ferro has retired after leading a financial turnaround of tronc, we wish him well in his private life and will have no further comment.”

Earlier Monday, Tronc issued a statement saying that Ferro, 51, was retiring immediately from the board before the the newspaper chain’s sale of the Los Angeles Times and other California assets. Justin Dearborn, chief executive officer of Tronc, was named Ferro’s replacement as chairman.

“Michael retires having created considerable shareholder value for the company in just two years as chairman of the board,” said Dearborn in an official statement.

Also Read: LA Times Publisher Ross Levinsohn Out Even After Paper Clears Him in Sexual Harassment Investigation

In the days leading up to the sale, the Los Angeles paper had been racked by a series of layoffs and growing public distrust between editorial and management. Tronc still owns a slew of other name brand properties, including the New York Daily News and the Chicago Tribune.

“I want to thank everyone who worked so hard over the last two years creating great journalism, strengthening the company’s financial position and delivering significant value for shareholders,” said Ferro. “I am confident that under the leadership of Justin and the rest of the board and management team tronc will continue to deliver value for investors while executing the plan for digital transformation.”

Despite the glowing words, Ferro’s chairmanship was not without controversy. In addition to making money for Tronc, the executive was not shy about using the brand to line his own pockets.

Also Read: Top LA Times, Chicago Tribune Exec Pays Himself $15 Million in Christmas Eve Surprise

Just months before he stepped down, news emerged that Tronc had awarded a three year $15 million contract to Merrick Media “to provide certain management expertise and technical services.”

Merrick Media is owned by Ferro.

While leading Tronc, Ferro also spent $4.6 million of company money on private travel.

9 Biggest Billion-Dollar Entertainment and Media Deals in 2017 (Photos)

While all eyes were on AT&T's $85 billion acquisition of Time Warner, announced in late 2016 but facing an antitrust lawsuit from the Justice Department, there were plenty of other megadeals in media, tech and entertainment that kept investment bankers busy in 2017.

Here are some of the biggest deals of the year:
Getty Images
Disney to acquire most of 21st Century Fox for $52.4 billion

In a massive deal that could change the entertainment industry even more than AT&T-Time Warner, Disney announced plans to acquire Fox's film and TV studios and much of its non-broadcast television business, including regional sports networks and cable networks such as FX, FXX and Nat Geo. Disney would also pick up Fox’s stake in the European pay-TV giant Sky — and be better positioned to win regulatory approval to complete the acquisition of the 61 percent of the company it does not already own.
Discovery Communications agrees to buy Scripps Networks Interactive for $11.9 billion

The merger of two cable powerhouses brings together channels including Discovery, Science, Food Network and HGTV – and could give the combined company a stronger position as pay-TV continues to migrate to the internet.
Discovery/Scripps
Sinclair Broadcast Group agrees to buy Tribune Media for $3.8 billion

This deal, if approved, would give conservative-leaning Sinclair control of 223 stations in 108 markets, including 39 of the top 50, covering 72 percent of households in the country. And it's only possible under rule changes implemented by new FCC Chairman Ajit Pai.
Sinclair/Tribune
Cineworld offers to buy Regal Cinemas for more than $3 billion

After a string of movie theater mergers last year, the sector has quieted down -- along with the box office. And while this isn’t yet a done deal -- or even an accepted offer -- British chain Cineworld made a late November bid of $23 a share for the U.S.’s No. 2 cinema chain.
Cineworld/Regal
Meredith Corp. acquires Time Inc. for $2.8 billion

The magazine megadeal is a sign of changing times in the publishing industry, with the owner of esteemed brands like Time, Fortune and Sports Illustrated selling to the parent of Better Homes and Gardens and Country Life – backed by $650 million from big-time conservative donors the Koch brothers.
Meredith/Time
Verizon acquires Straight Path Communications for $2.3 billion

Straight Path may not be a household name, but it was the subject of a bidding war between AT&T and Verizon. The company is one of the largest owners of millimeter wave spectrum, seen as key to the buildout of 5G networks, which should power much faster mobile internet -- better for video -- in the near future.
Verizon/Straight Path
Disney buys the rest of BAMTech for $1.6 billion

The Mouse House jumped into internet TV in a major way in 2017, announcing upcoming Disney and ESPN-branded streaming services and acquiring the rest of streaming tech company BAMTech to power those products.
Disney/BAMTech
Entercom buys CBS Radio for $1.5 billion

CBS Radio was intended to be spun off from its broadcast parent in an IPO, but instead it was scooped up by a competitor. The combined company, now the second largest radio business in the country, owns and operates 244 stations in 47 markets.
Entercom/CBS Radio
MGM buys the rest of Epix for $1 billion

The independent studio went all in on the pay-TV business, buying the rest of the premium cable network from Viacom and Lionsgate. And that's paid immediate dividends, as MGM's media networks division propelled it to a strong third quarter.
MGM/Epix

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Rewind 2017: Media and content consolidation continued this year

While all eyes were on AT&T's $85 billion acquisition of Time Warner, announced in late 2016 but facing an antitrust lawsuit from the Justice Department, there were plenty of other megadeals in media, tech and entertainment that kept investment bankers busy in 2017.

Here are some of the biggest deals of the year:

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