The Chicago Tribune building is seen in Chicago, Illinois, United States, May 16, 2016.     REUTERS/Jim Young

The Chicago Tribune building is seen in Chicago, Illinois, United States, May 16, 2016. REUTERS/Jim Young (Copyright Reuters 2016)

Gannett says won't buy Tronc

Markets Reuters

Gannett Co Inc , publisher of USA Today, said on Tuesday it would not pursue an acquisition of Tronc Inc , the publisher of the Chicago Tribune and Los Angeles Times.

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Gannett made an unsolicited $12.25 per share takeover offer for Tronc, formerly Tribune Publishing Co, in April, valuing Tronc at about $815 million. It raised the offer a month later to $15 per share.

(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)