Gannett Terminates Potential Takeover Talks With Tronc - Quick Facts

(RTTNews) - Media company Gannett Co. (GCI) on Tuesday confirmed that the company has been engaged in discussions with tronc, Inc. (TRNC) regarding a potential transaction. The company said it has determined not to pursue an acquisition of tronc.

Last week, Bloomberg reported, citing people familiar with the matter that the planned merger of the newspaper companies were in doubt as banks financing the potential takeover of Tronc have backed out.

As per the report, Gannett and Tronc had agreed to a deal price of about $18.75 a share, but several lenders withdrew over concerns about the health of the two companies' businesses at that valuation.

In pre-market activity, Gannett shares were gaining 9.40 percent to trade at $8.50.