The CEO of a media firm cut off the media from the company’s quarterly earnings call Thursday. The New York Post reports that Gannett Chief Executive Robert Dickey made the unusual move “shortly after saying he was not going to address recent ‘press speculation’ about his company’s talks to acquire Tronc.”
“It was an odd move for two reasons,” The Post reports. “First, nearly every company allows the media to listen to its quarterly with Wall Street to discuss its results. Second, Dickey runs a media company.”
The report adds: “Hours after the media got the old heave-ho from the call, a possible reason for Dickey’s testiness emerged: Several banks were withdrawing their support for Gannett’s proposed $1 billion deal, Bloomberg reported.”
The banks are said to be concerned about the health of the two companies.
“Since April, Gannett, owner of USA Today and more than 100 other papers, has been trying to buy Tronc, formerly Tribune Publishing, which owns the Chicago Tribune, LA Times, Baltimore Sun and other papers,” The Post reports, adding: “News that the deal was imperiled sent shares of both companies skidding to 52-week lows.”