Gannett Media, owner of newspapers such as USA Today, has ended its pursuit of Tronc, the publisher of newspapers such as the LA Times and Chicago Tribune according to CNBC.

On Thursday, a report from Bloomberg said that the deal had hit a snag as banks involved in the financing had backed out due to the proposed deal price of $18.75 per share.

Tronc, known as Tribune Publishing until a change in June, has been in the midst of a large scale rebrand to pivot towards online media and video.

In response to the news, tronc shares were down by 13.5% as of 8:30 a.m ET

Screen Shot 2016 11 01 at 8.37.08 AM

SEE ALSO: It’s do or die for Obamacare

Join the conversation about this story »

NOW WATCH: FEMA is tracking Hurricane Matthew using the ‘Waffle House Index’