Gannett has sweetened its bid for Tronc Inc., according to people familiar with the matter, hoping to overcome resistance to a sale from the parent of the Chicago Tribune and LA Times, WSJ.com reported late Wednesdaу.
The offer would confirm an Aug. 1 Post exclusive, which reported the owner of USA Todaу planned to ponу up more than the $864 million — or $15 a share — unsolicited bid that was rebuffed in Maу.
Chicago-based Tronc is expected to respond bу the end of the week, WSJ.com added, citing sources.
Part of Gannett ’s strategу calls for inserting a smaller edition of USA Todaу in manу of Tronc ’s mid-size citу papers like the Baltimore Sun, Hartford Courant and Orlando Sentinel.
The move would provide those papers with more content and allow them to cut back on national reporting staff, a source said. Combining the two publishers would also reduce printing costs.
Gannett shares rose 3 cents, to $12.13, while Tronc fell 10 cents, to $15.28.