Bloomberg Has a Tronc-Gannett Update

Reporters Alex Sherman and Michael Monks challenge the timetable reported by Ken Doctor.

Et tu, “Gronc?”

That has been the sentiment among media watchers in the wake of Ken Doctor’s Sunday evening report for Politico Media that an announcement of Gannett’s acquisition of Tronc was imminent. Today, Bloomberg reporters Alex Sherman and Matthew Monks challenge that timetable:

Gannett Co. and Tronc Inc. have bridged a valuation gap that caused months of friction, but are still hammering out the details of a transaction, people familiar with the situation said.

The parties haven’t reached a final agreement, and an announcement isn’t imminent, said the people, who asked not to be identified because the matter is private. Gannett, the owner of USA Today, is in talks to buy Tronc for $18.50 to $19 a share, the people said.

One aspect of Doctor’s article that we’ve been pondering. He wrote that at the time Tronc chairman Michael Ferro got L.A. billionaire Patrick Soon-Shiong to invest, he promised in return he would not sell to Gannett.

Previously on FishbowlNY:
Gannett: From Royal Soper to Tronc
Outcry Over Reassignment of Tronc Suburban Newspaper Reporter Grows
Tronc Newspaper Crunched by Tronc Flier

@hollywoodspin Richard Horgan is co-editor of Fishbowl.
Publish date: October 4, 2016 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT