Newspaper article St Louis Post-Dispatch (MO)

Big Newspaper Deal Falls Apart as Gannett Gives Up on Tronc

Newspaper article St Louis Post-Dispatch (MO)

Big Newspaper Deal Falls Apart as Gannett Gives Up on Tronc

Article excerpt

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 daily newspapers, after determining that the terms of the deal were not acceptable.

Tronc said earlier Tuesday that a deal was reached in mid- September, but came apart because Gannett had encountered "an unexpected delay" in lining up financing.

"Tronc remained a constructive partner to Gannett as it sought to complete its financing for the agreed upon purchase price, however, Gannett was unable to do so and terminated discussions," the company said.

A Gannett spokesman said a number of financing options were available, but the No. 1 U.S. newspaper publisher by circulation decided to terminate talks "after considering both accretion to shareholders and whether the terms make sense for the company. …

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