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Gannett

Newspaper deal falls apart as Gannett gives up on Tronc

Newspaper deal falls apart as Gannett gives up on Tronc

Gannett Tuesday abruptly ended its six-month effort to acquire Tronc, owner of The Baltimore Sun, Chicago Tribune, Los Angeles Times, Orlando Sentinel and several other newspapers.

The deal would have extended the footprint of Gannett, the nation's largest newspaper company, and marked a major consolidation in an industry beleaguered by technological challenges and declining revenues. But it was hampered by a last-minute withdrawal of support last week by bankers expected to finance the transaction.

Tronc shares fell in Nasdaq trading Tuesday to close at $10.54, down 12.4 percent. The stock had been trading at $17 a share as recently as last week, before reports that the...

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