Tronc shares rise 12 percent on report that SoftBank is among possible buyers

  • Tronc is fielding offers from private equity firm Apollo, media peer Gannett and now capital-rich SoftBank, Axios reported, citing an anonymous source.
  • The stock was briefly halted just before 11 a.m. ET after spiking roughly 9 percent.
  • A SoftBank buyout would stand as a notable endorsement for the newspaper industry.

Media giant Tronc is jumping Monday on a report by Axios that Japanese investment conglomerate SoftBank has considered a buyout bid.

The stock was briefly halted just before 11 a.m. ET after spiking roughly 9 percent. Shares resumed trading roughly 12 percent up.

The company behind The Chicago Tribune, New York Daily News and The Baltimore Sun is fielding offers from private equity firm Apollo Global Management, media peer Gannett and now capital-rich SoftBank, Axios reported, citing an anonymous source.

Masayoshi Son, CEO of SoftBank.
Adam Jeffery | CNBC
Masayoshi Son, CEO of SoftBank.

The New York Post previously reported that Apollo might be interested in Tronc, but CNBC did not independently confirm that report.

A SoftBank buyout would stand as a notable endorsement for the newspaper industry, adding a media company to the Japanese investment machine's impressive portfolio alongside successful startups such as Uber, WeWork and Arm.

SoftBank and Tronc did not immediately return requests for comment.

Read the full Axios report here.