Tronc's (TRNC) second largest shareholder, biotech entrepreneur Dr. Patrick Soon-Shiong, has sent a letter to the board questioning the company's governance and demanding the limit on his ownership stake be increased.

Soon-Shiong is "troubled by the company's corporate governance, or lack thereof," his lawyer said in a letter obtained by the Wall Street Journal. The concern comes from recent attempts to drop Soon-Shiong from the board and to spend $56 million to buyout another shareholder.

Tronc, a print newspaper and online media publishing company, says the letter is "filled with misstatements and baseless innuendo," the Journal noted.

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