Tronc stock spikes on report its considering a buyout bid from PE firm

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A copy of Tuesday’s New York Daily News sits on the shelf of a newsstand, September 5, 2017 in New York City. Tronc, the publisher of the Chicago Tribune and, formerly, The Los Angeles Times, announced on Monday that it had purchased The New York Daily News. 

Shares of Tronc spiked as much as 17 percent Wednesday after a report by The Chicago Tribune that the newspaper conglomerate is considering a buyout bid from a private equity firm.

The stock hit an intraday high of $17.30 before it was briefly halted. Shares resumed trading roughly 11 percent up and were last seen trading roughly 13 percent up.

The Chicago Tribune, citing unnamed sources, reported at least two bids are on the table — one with a price tag between $19 and $20 per share. Politico reported a similar bid in July.

Tronc earlier this year sold the Los Angeles Times and a San Diego-based paper. It owns the Chicago Tribune and Baltimore Sun, among major papers.

With Wednesday’s surge, the stock is up 25 percent in the last 12 months, but down 4 percent in 2018.