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.