Gannett gives up on Tronc

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  • FILE - In this Aug. 5, 2014, file photo, specialist Michael Cacace, foreground right, works at the post that handles Gannett on the floor of the New York Stock Exchange.  Gannett is walking away from its takeover attempt at Tronc, the publisher of the Los Angeles Times, Chicago Tribune and other major dailies. Shares of Gannett Co., publisher of USA Today, are surging more than 8 percent in premarket trading Tuesday, Nov. 1, 2016.  (AP Photo/Richard Drew, File)

    FILE - In this Aug. 5, 2014, file photo, specialist Michael Cacace, foreground right, works at the post that handles Gannett on the floor of the New York Stock Exchange. Gannett is walking away from its takeover attempt at Tronc, the publisher of ... the Los Angeles Times, Chicago Tribune and other major dailies. Shares of Gannett Co., publisher of USA Today, are surging more than 8 percent in premarket trading Tuesday, Nov. 1, 2016. (AP Photo/Richard Drew, File) (The Associated Press)

  • FILE - In this Aug. 5, 2014, file photo, specialist Michael Cacace, foreground right, works at the post that handles Gannett on the floor of the New York Stock Exchange.  Gannett is walking away from its takeover attempt at Tronc, the publisher of the Los Angeles Times, Chicago Tribune and other major dailies. Shares of Gannett Co., publisher of USA Today, are surging more than 8 percent in premarket trading Tuesday, Nov. 1, 2016.  (AP Photo/Richard Drew, File)

    FILE - In this Aug. 5, 2014, file photo, specialist Michael Cacace, foreground right, works at the post that handles Gannett on the floor of the New York Stock Exchange. Gannett is walking away from its takeover attempt at Tronc, the publisher of ... the Los Angeles Times, Chicago Tribune and other major dailies. Shares of Gannett Co., publisher of USA Today, are surging more than 8 percent in premarket trading Tuesday, Nov. 1, 2016. (AP Photo/Richard Drew, File) (The Associated Press)

Gannett is walking away from its takeover attempt at Tronc, the publisher of the Los Angeles Times, Chicago Tribune and other major dailies.

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Tronc Inc., formerly known as Tribune Publishing, at one point attempted to fend off Gannett by bringing in California entrepreneur Dr. Patrick Soon-Shiong as an investor. He backed chairman Michael Ferro's plans to revitalize the troubled company with tech-focused initiatives, focused on artificial intelligence and global expansion in entertainment news and video.

Both Gannett and Tronc have struggled with sliding ad revenue. Gannett recently released 2 percent of its workers.

Shares of Gannett Co., publisher of USA Today, are surging more than 8 percent in premarket trading Tuesday.