TRONC, GANNETT SHARES SLIDE

Shares of Chicago Tribune parent company Tronc, which has been the subject of a takeover bid from Gannett Co., plunged Thursday after Gannett posted a third- quarter loss and Bloomberg News reported that some lenders are backing out of financing a possible deal.

Tronc shares fell 27 percent Thursday, closing at $ 12.27.

Shares of Gannett, publisher of USA TODAY and more than 100 daily newspapers, also were hit hard, tumbling 17 percent to $ 8.21.

Bloomberg reported Thursday afternoon that while Tronc and Gannett continue to talk, “several” potential lenders have withdrawn over concerns about the cost of a possible $ 18.75 deal price for Tronc shares. Reuters reported that the companies remain in “active negotiations.”

According to CNBC, after the report, Tronc shares were initially halted around 1: 55 p. m. Chicago time and resumed trading around 2: 01 p. m. Tronc shares were halted again at 2: 21 p. m. for volatility; trading resumed around 2: 26 p. m.

On Thursday morning, Gannett posted a third- quarter loss of $ 24.2 million, or 21 cents a share. Excluding one- time costs, Gannett said it posted a 6- cent profit on a per- share basis.

The publisher said it is cutting 2 percent of its workforce, which numbered nearly 19,000 at the end of last year. Gannett did not comment on its bid for Tronc on Thursday.