TRONC SHARES CRASH 28% ON GANNETT DEAL FEARS
The long-rumored marriage of USA Today owner Gannett and LA Times publisher Tronc is suddenly in doubt. Shares of Tronc (TRNC) plummeted 28% on Thursday following a report that banks have pulled financing for the company's potential takeover by rival Gannett (GCI). According to Bloomberg News, several lenders backed out of the deal due to concerns over the financial health of Gannett and Tronc, long known as Tribune Publishing before a much-criticized makeover. Gannett shares dropped 17% on the news. Gannett has come under more financial pressure in recent months.