Oaktree Capital Management

Gannett ends six-month effort to buy L.A. Times owner Tronc

Gannett ends six-month effort to buy L.A. Times owner Tronc

Gannett Co. on Tuesday abruptly ended its six-month effort to acquire Tronc, the owner of the Los Angeles Times, Chicago Tribune, Orlando Sentinel, Baltimore Sun 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 complicated by a last-minute withdrawal of support last week by bankers expected to finance the transaction.

Tronc CEO Justin Dearborn told securities analysts Tuesday afternoon that the two companies had reached agreement on a price in mid-September...

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