Tronc is crashing more than 18% after Gannett terminates buyout talks (TRNC, GCI)
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 a statement from Gannett.
"Gannett Co., Inc. ('Gannett' or the 'Company') today confirmed that the Company has been engaged in discussions with tronc, Inc. ('tronc') regarding a potential transaction and has determined not to pursue an acquisition of tronc," said the statement.
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 18.95% as of 10:20 a.m ET.
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