tribune

Gannett on Tuesday ended its talks to acquire the owner of the Los Angeles Times.

The publisher of USA Today had pursued Tronc for months and was said to have offered to buy the Chicago-based company — formerly known as Tribune Publishing — for $18.75 a share.

In the wake of Gannett walking, Tronc shares in early Tuesday trading tumbled 19.8 percent, to $9.65.

Gannett gave no specifics on why it decided to end acquisition talks, saying in a statement only that it “has been engaged in discussions with Tronc regarding a potential transaction” and that it “has determined not to pursue an acquisition” at this time.

Tronc rejected Gannett’s first offer of $12.25 a share, or $815 million, prompting Gannett to sweeten its bid a few times.

Gannett shares gained 1.2 percent in early Tuesday trading, to $7.82.