Gannett’s pursuit of Tronc—which has filled the media world with drama since June—might finally be over. That’s not good news for Gannett, because the saga could be over without a deal in place.
According to Bloomberg, banks that have been financing Gannett’s takeover withdrew over concerns about the agreed-upon $18.75 a share valuation.
Not that this is over. This damn story will never be over. Gannett and Tronc are still in talks, despite the landers’ withdrawal.
Perhaps if the deal does fall through, Gannett could rehire the 350+ staffers it just cut. That’d be nice.