Report: Gannett Abandons Tronc Bid

Newspaper company Gannett Co. has dropped its bid to buy Chicago Tribune and Los Angeles Times publisher Tronc Inc., ending a monthslong pursuit of its rival. according to The Wall Street Journal.

In a one-line statement Tuesday, Gannett said it had been engaged in discussions with Tronc but determined not to pursue the transaction any longer.

“While we believed that the acquisition would have provided an attractive opportunity to expand the USA Today Network quickly, in the end the terms were not acceptable,” a company spokesperson said in an additional statement.

Gannett’s stock rose 9.4% to $8.50 premarket as Tronc fell 29% to $8.51, well below Gannett’s initial takeover offer of $12.25 a share in cash, which had since been boosted.

Gannett is the nation’s largest newspaper publisher, with 12% of U.S. daily newspaper circulation market share in 2015, according to the Alliance for Audited Media. Tronc had about 5% of the market share.