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Shares of Tronc, the company formerly known as Tribune Publishing, which owns the Los Angeles Times and Chicago Tribune, fell 12 percent Tuesday after saying Gannett was no longer interested in purchasing its rival.
Gannett, owner of USA Today, had reportedly bid at least twice for Tribune before giving up. Shares of Tronc fell $1.49 to $10.54 on the news while shares of Gannett slipped 18 cents to $7.59.
After the markets closed Tuesday, Tronc reported third-quarter financial results that showed declines in its traditional print business as well as its digital business, though the company raised its full-year profit guidance.
Tronc reported a $10.5 million loss in the quarter, up from a loss of $8.6 million a year earlier, as revenue fell 7 percent to $378.2 million. Digital advertising slipped 2 percent, while print advertising dropped 13 percent.
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