Morrison & Foerster LLP advised BestReviews LLC, a high growth online product review company based in San Francisco, California, and Reno, Nevada, in its sale of 60% of its equity interests to tronc, Inc. The total consideration for the 60% stake in BestReviews was $66 million, consisting of $30 million in cash and $36 million in common stock of tronc (NASDAQ:TRNC). The transaction closed on February 6, 2018. The founders of BestReviews will continue to oversee and manage all operations of the company.
Founded in 2014, BestReviews’ mission is to simplify the way consumers buy the products and services they need across thousands of categories from laptops to vacuum cleaners to rowing machines. All products on BestReviews’ site are thoroughly and independently researched.
The acquisition by tronc of a majority stake in BestReviews is part of tronc’s national digital growth strategy through its newly reorganized Tribune Interactive division. tronc operates newsrooms in 8 markets with titles including the Chicago Tribune, New York Daily News and The Baltimore Sun. On the same day that tronc announced its acquisition of a majority stake in BestReviews, tronc also announced its sale of the LA Times as part of its digital growth strategy.
The MoFo team advising BestReviews, which was led by partner John Rafferty (San Francisco), included corporate partner Patrick Huard (San Francisco), corporate associate Jae Yoo (Palo Alto), corporate associate Ali Assareh (San Francisco), senior counsel John Harper (Northern Virginia) on tax matters, partner Remmelt Reigersman (San Francisco) on tax matters, associate Maureen Elizabeth Linch (San Francisco) on tax matters, and of counsel Ali Nardali (San Francisco) on employee benefits matters.
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