Newspaper deal falls apart as Gannett gives up on Tronc
NEW YORK — USA Today publisher Gannett walked away Tuesday from its attempted takeover of Tronc, the owner of the Los Angeles Times, Chicago Tribune and other major dailies.
Gannett’s target was elusive from the beginning, with a publicly contentious back-and-forth between the two companies. Tronc, formerly known as Tribune Publishing, had rejected at least two bids from Gannett since April, saying it preferred to go it alone and focus on tech-driven initiatives involving artificial intelligence and global expansion in entertainment news and video.
Tronc’s stock lost more than 12 per cent Tuesday.
After the stock market’s close, Tronc reported third-quarter results showing its revenue declined in both its traditional and digital businesses. But it kept its sales guidance for the year and raised a profit forecast.