Gannett Abandons Effort to Buy Newspaper Publisher Tronc

After six months of pursuit, the Gannett Company said that it was withdrawing its offer to acquire the owner of The Los Angeles Times and The Chicago Tribune, a deal that would have extended Gannett’s national footprint and furthered consolidation in the newspaper industry.

Gannett, the publisher of USA Today, had made several efforts to acquire the former Tribune Publishing Company, now known as Tronc. The first two were rejected during the spring. Gannett said that the acquisition was an attractive opportunity but “in the end the terms were not acceptable.” Tronc shares plunged nearly 20 percent on the morning of Nov 1 on the news. Gannett shares were up 1.3 percent in early morning trading.