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Gannett and Tronc have bridged a valuation gap that caused months of friction, but are still hammering out the details of a transaction, people familiar with the situation said.

The parties haven’t reached a final agreement, and an announcement isn’t imminent, said the people, who asked not to be identified because the matter is private. Gannett, the owner of USA Today, is in talks to buy Tronc for $18.50 to $19 a share, the people said. While negotiations are advanced, talks could still fall apart.

Gannett has also been in talks to raise financing from Jefferies Group, another person said.

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