- Gannett (GCI +0.7%) is sitting on the sidelines of bidding for Tronc (TRNC -1.1%) this time around, the New York Post reports.
- “Gannett is not going to think about it until they see how things shake out,” a source told the paper.
- That's despite the fact that a pending sale of Tronc's Los Angeles Times and San Diego Union-Tribune would eliminate $330M in debt and $90 in pension obligations, making Gannett an even better fit.
- Other likely bidders still considered in the running are SoftBank (SFTBY +2.5%) and Apollo (APO +0.2%).