Tronc Under Pressure Amid Takeover Threat by Gannett

Bloomberg Gadfly: Gannett’s small purchase this week of a digital marketing company didn’t get much attention amid all the Brexit turbulence. But its would-be takeover target Tronc should pay heed. Gannett’s $4.60-a-share offer for ReachLocal amounts to a 188 percent premium. The purchase is another reminder that Gannett isn’t afraid to pay up in the name of consolidation — even when the target company has had its fair share of challenges.