• by Sara Guaglione , August 4, 2016

Tronc, Inc. reported Wednesday a net income increase of 19%, despite a decline in revenue and advertising sales.

It also announced an incremental raise in its yearly guidance.

Formerly known as Tribune Publishing, Tronc’s new numbers may come as a win for CEO Justin Dearborn and chairman Michael Ferro, who fought off a $15-a-share takeover bid from Gannett this spring.

Dearborn has been defiant in sticking to his plan to transform Tronc by “significantly accelerating our conversion of content to revenue through an enhanced digital strategy,” he said previously.

Yesterday, Dearborn elaborated on this strategy, saying in a statement that he will transform Tronc “by combining our platform of premium brands with proprietary technology to accelerate digital growth and create value for our shareholders.”

Some sources speculate that Gannett may raise their bid to acquire Tronc following this earnings report, but Dearborn remains committed to seeing through his plan.