Tronc is crashing after Gannett terminates buyout talks
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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.
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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
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