Tronc is crashing after Gannett terminates buyout talks
Advertisement
Gannett Media, owner of newspapers such as USA Today, has ended its pursuit of Tronc, the publisher of newspapers such as the LA Times and Chicago Tribune according to CNBC.
Advertisement
On Thursday, a report from Bloomberg said that the deal had hit a snag as banks involved in the financing had backed out due to the proposed deal price of $18.75 per share.
Tronc, known as Tribune Publishing until a change in June, has been in the midst of a large scale rebrand to pivot towards online media and video.
In response to the news, tronc shares were down by 13.5% as of 8:30 a.m ET
Advertisement
Next StoryAdvertisement
2 states where home prices are falling because there are too many houses and not enough buyers
US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
BenQ Zowie XL2546X review – Monitor for the serious gamers
9 health benefits of drinking sugarcane juice in summer
10 benefits of incorporating almond oil into your daily diet
From heart health to detoxification: 10 reasons to eat beetroot
Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
