TRONC COMMENTS ON GANNETTS WITHDRAWAL OF ITS PROPOSAL DUE TO INABILITY TO FINANCE

CHICAGO, November 1, 2016 -- tronc, Inc. (NASDAQ: TRNC) today issued the following statement in
response to the announcement by Gannett Co., Inc. (NYSE: GCI) that it does not intend to pursue an
acquisition of tronc at this time.
We were informed early this morning that Gannett has decided to abruptly terminate discussions
regarding a potential business combination with tronc. As noted previously, tronc had serious doubts
about Gannetts ability to finance a transaction that was in the best interest of troncs shareholders and
other stakeholders. Nonetheless, over the past several months, the tronc Board, management team and
their advisors engaged in substantive discussions and due diligence with Gannett regarding a potential
transaction, with an unwavering focus on creating value for tronc shareholders. The parties agreed to a
purchase price in mid-September and subsequently worked to finalize a Merger Agreement. Last week,
Gannett informed tronc that its financing encountered an unexpected delay. It is unfortunate that
Gannetts lenders made their decision to terminate their role in the transaction without the benefit of
troncs third quarter financials or any future projections. tronc remained a constructive partner to
Gannett as it sought to complete its financing for the agreed upon purchase price, however, Gannett
was unable to do so and terminated discussions.
The Board and management team of tronc remain committed to taking the necessary steps to
transform its business in response to the massive changes that have overtaken the publishing industry,
supporting the companys outstanding journalists and, above all, delivering value to shareholders. tronc
continues to make progress in implementing the companys strategic plan to leverage technology and
effectively monetize its world class content. The implementation of this plan will take time but the
company remains on track in terms of delivering on its near-term financial goals and is confident in its
ability to deliver improved performance and shareholder value.
Goldman, Sachs & Co. and Lazard are acting as financial advisors and Kirkland & Ellis LLP is acting as legal
advisor to tronc.
About tronc, Inc.
tronc, Inc. (NASDAQ:TRNC) is a media company rooted in award-winning journalism, which harnesses
proprietary technology to present personalized, premium content to a global audience in real time.
tronc draws content from its vast media portfolio, where commitment to informing and inspiring
communities has earned 92 Pulitzer Prizes and a monthly audience of 65 million. From pixels to
Pulitzers, tronc brands optimize content and create engaging experiences for audiences across all
channels. For more information, please visit www.tronc.com.
Investor Contact:
Kimbre Neidhart, 469-528-9366
kneidhart@tronc.com

Press Contacts:
Dana Meyer, 312-222-3308
dmeyer@tronc.com
Bryan Locke/Jenny Gore/Jacob Crows
312-895-4700