. >>> gannett. major currency swings hitting sony's bottom line.lout on that coming up and 2016 presidential election, deep dive into trump's quote legally dubious tax practices as the times put it when "squawk alley" comes back. is it a force of nature? or a sales event? the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event. (bing) like cologne.y things you don't want in industrial strength- morning! but there's one thing you do. (gags) it's called predix from ge. the cloud-based development platform that's industrial-strength strength! >>> gannett dropping its bid to buy tronc after months of negotiations. shares of tronc falling on that news. david is back with more on that. >> as you said, carl, this began last spring, of course, when tribune came with an unsolicited bid to buy tronc. it was named tribune and has changed its name during the course of the fight that's gone on many, many months but concluded earlier today when after seemingly reaching a deal

gannett can turn its attention to other properties.ere is certain other newspaper companies they can look at. maybe that is where they decide to go at this point. in terms of what happens to tronc, i probably would assume they are going to have to make a case that they are good as a standalone company. mark: it is the digital strategy, isn't it? how will they make that a success? alex: if i knew that i probably would not be sitting here. to figurean easy go out how to make a go of it from a digital strategy standpoint. michael ferro who has some newspaper background and owns a controlling stake tronc, he has a plan. he sold some shares to islionaire patrick sean who in along with michael ferro. when he bought his share in tronc he said, my goal is not to sell my stake. if you look at it from that standpoint, michael ferro did a great job here because he twice at $12, $.25 a share and at $15 a share. you could say he did his fiduciary duty and yet the deal still did not go through but he continues his ownership of the company. vonnie: t

according to bloomberg, gannett reported issues funding the nearly $700 million transaction.ronk shares plummeted 12% to 10.54. gannett off to 7.59. >>> valiant is making a push to sell its stomach drug division to japan-based takeda. the deal could be reached in the coming weeks. the report also added another bidder may be involved in the sale talks. valiant shares soared more than 33% on the day to $23.86. >>> and bernie sanders speaking out once again against drug price increases. today the vermont senator criticized the price of humanalog saying why has the price insulin gone up 700% in 20 years? it's simple. the drug industry's greed. sanders sent out a second tweet attacking another medicine. saying, quote, a permanent solution that gives everyone who uses insulin reasonable access will require leadership and cooperation across many stakeholders, including manufacturers, pbms, payers and policy makers. shares of lilly off about 1% at $72.98. >>> if you're shopping for health insurance, open enrollment on the affordable care act's exchange begin today. this time, there a

the gannett board seemed to have trouble with both the last two quarters at gannett in terms of softnesse it would need to pay in order to get the deal done. but i am told that there were banks willing to fill in for those that did not feel comfortable of taking on the load of financing the deal at $18.75 a share. it all adds up to tronc being down. this started last spring when gannett started an unsolicited bid to buy the company and slowly but surely moved up from there. you can see michael ferrell would have delivered quite a premium if he would have got it done at $18.75. they put a statement out saying it wasn't our fault, these guys just didn't come at the end of the day with the ability to finance a transaction. again, what i am told as well is there may have been that ability to finance it, but then the gannett board said things have been not good here the last couple of quarters, do we really want to be moving into this. others argue this is exactly what you need. you need the cinersin synergiee from a deal. whether it's "time" or whether it's "the new york times" or tronc or g

so gannett had no balance sheet.en we were talking to them and being pushed to make decisions so quickly, the real issue we even had is you need to have committed financing until the end of the day. they never had e the money. >> so you think even at the lower prices, when by the way, their business was not deteriorating the way -- look. this past week we've seen your quarter, their quarter. it's been tough. it's a tough business. i guess i'm just wondering from a timing perspective, had you been able to push them to close and would you have been being -- would you have been better off accepting a lower bid two months ago? assuming they could have gotten the financing. >> so we were talking five months ago. so it was -- they had to get financing together. and you still would have to go through a four to six month closing process with department of justice reviews and hsr. when they first came to us was when we had just got there eight weeks in. i don't know if you remember, tribune publishing at the time had just dis

had gannett going after tronc and then they said we do not want it.ll through. problem happened when they changed the name to tronc. that offered a price of about 12.25. just a few months later michael ferro said no, that is not worth it and that raised eyebrows they just sold their shares and 8.75. at the same time they sold shares to michael ferro's friend for 15 dollars a share. besides keep negotiating and finally reach a price at $18.75 a share. an agreement in the first week of october, gannett goes to get the financing. they were working with a couple of banks. they usually take a little more risk but maybe the money is not there, and they could not come up with the financing and the deal collapsed. david: in part because the banks want to make sure they get paid back. alex: correct, so in part it speaks to the health of the businesses. given that is not in great shape -- gannett is not a great shape and we will hear tronc's going forward plan but it is no question the newspaper industry is under pressure. time we broke our story two days ago a

gannett terminating discussions to acquire tronc.ronc formerly the tribune company, the publisher did not say why it end bed those talks with the chicago tribune publisher. but there had been earlier reports that financing for a potential deal was in doubt. especially once they had raised that bid up to i think $18.75. take a look real quick what's going on here. gannett stock is rising rather big-time on this news. but if we could flip that board around and show -- >> we did while you were talking. >> tronc is down 30% on that move this morning. a lot of people in medialand going to be focused on that. we'll see whether -- i still by the way think there's a chance they ultimately merge not in a cash deal that's been discussed. >> $430 million company. >> are you trying? >> no. i'm just saying some people might be focused but i don't think -- it's not even a billion dollars. >> within a specific industry, there are people who will care. >> our industry. >> and there are people who subscribe to these publications. >> if it's not befor

after gannett said we are out, gannett is down just under 2%. fertilizer is doing great. archer daniels midland is surging significantly after reporting much better-than-expected earnings, better by 7.5%. why? thanks to higher corn and soybean exports. good for archer daniels midland, adm. team fox business on the story forus. adam shapiro ready to lead with the controversial miss universe as the show opener, and blake burman tracking donald trump's every move through pennsylvania and wisconsin, and charlie gasparino looking at today's market freakout, including we're going to talk about gold too, it's suddenly spiking and the relation all of this has to donald trump's rising poll numbers. donald trump is on his way to wisconsin for a rally in eau claire. the republican nominee and running mate shredding obamacare and 3,000 page long misive verbally, all tied to open enrollment. you know the e-mails you have been getting from your employer. donald trump telling pennsylvania voters, premiums would increase upwards of 50%. let me get on blake burman. i noticed a calm tone.

york times" shares are up more than 16% since election day, while shares of both "usa today" parent gannett trunk, which opens the "l.a. times" and "chicago tribune" up by double digits. and donald trump has called the "new york times" failing, tweeting, "wow, the ny times is losing thousands of subscribers because of their very poor and highly inaccurate coverage of the trump phenomena." "new york times" ceo mark thompson tells us the paper has added 132,000 subscribers since the election. >> subscriptions have been up ten times on the same period last year. so we're seeing a 10x net increase in subscriptions. so, you know, far from failing, we're seeing a remarkable response by new describers who like the kind of journalism, independent, without fear or favor journalism "the times" represents. >> reporter: tronk saw 29% in paid digital subscriptions with one of its publications, "the l.a. times" growing its digital subscriptions 61% during election week. the journalism at publications such as the "new york times" and the "l.a. times" stands in contrast with the spread of fake news, which

it rejected at least two bids from gannett since april. the shares plunging nearly 17%. >>> hundreds of civilians continue to flee territory controlled by isis as the iraqi army pushes north toward mosul. the u.n. sayss is is said to io be holding tens of thousands. >>> video released late monday showed rescuers digging into rubble to free a dog covered in dust, but looking unharmed. >>> basketball star ray alan announcing his retirement from the nba. the all time leader and three-point baskets made the announcement in an article he wrote. he said he is completely at peace with himself. he's 41. he's had a very nice career. cnbc news update. back over to you. >> all right, thank you very much, courtney. >>> november starting off in the red. the dow down triple digits earlier today. we're still down not quite as much. but how could this month fare with a rate decision tomorrow. don't forget about the fed, and this election thing about a week away. bob pisani is live at the nyse. i know that tomorrow is not a press conference meeting. everyo

in terms -- ineads the gannett -- gamut working with clients to prepare for election day, especially preparing for close elections. implications as to what happens after election day for many of my clients, especially those running for office. the things that we advise and counsel clients on for election a preparation reference poll watchers, working with election administrators, working with lawyers in their state and around the country in some circumstances, also working with judges in many instances as well to be as prepared as possible for when the issues arise that either need to go before court before or after election day or to deal with issues in front of election administrators. our clients are able to do that. let's take this issue whether or not the electoral process is rigged. kristin clark. suggestionsind the to be false and a myth. we have a very decentralized election system and many communities you have officials who represent both parties who are cast -- tasked with operating the elections. the real issue i see is evidence that we are still wrestling with voter discr

as gannett called off talks to acquire tronc, which owns the los angeles times. amazon has already started offering its black friday sales. the online retail giant will be thousands of deals with new ones available as often as every 5 minutes. shoppers shouldn't expect to see many of the big ticket items that headline actual black friday. the sales will run through december 22nd. the commerce department reports that u-s builders cut spending on construction projects last month. that makes it the second straight month of declines. also, government construction spending has gone down nearly eight percent meaning a decline of nearly 23 billion dollars. au cars and trucks fell about 4% in october. yet hyundai and subaru both reported a 4% sales increase from last year. many other automakers reported steep declines. gm, nissan, and honda sales fell under 5%. toyota and fiat-chrysler was down close to 10%. following its emissions cheating scandal, volkswagen saw its sales fall 18.5%. starbucks has unveiled a new cup it says is designed to be a symbol of unity. people.

gannett is the biggest newspaper chain in the country. they want to build a huge chain of newspapers. tronc is the old tribune a company. they own the los angeles times. he wants to help save journalism. he did not want to give it up. the price was good. in the end, it dragged on for so long that the financing fell through. carol: another story is in the features section. it has to do with what's going on with the nfl and people aren't watching as much. ellen: they are having problems on tv and nobody expected it. for broadcasters, it was a bright spot. people are cord cutting. they are streaming video on their devices. the nfl was a dependable source of revenue. now it looks like fewer people are tuning in this season. it has a lot of people worried and trying to figure out why. carol: we got all of the details. felix: the nfl ratings are way down. for years, the nfl has been the biggest thing on television. it still is, but the ratings for primetime games have been down 19 or 20%. about 1/5 of the audience disappeared. it's a huge deal

gannett can turn its attention to other properties.re are other newspaper companies they can look at. maybe that is where this is going to go this point. in terms of what happens to tronc, i probably would assume they're going to have to make a case that they are good as a standalone company for the time being. >> the south korean president park has named a new prime minister as she seeks to restore confidence. prosecutors want an arrest friend thatpark's is the center of a scandal. >> it's unclear right now where she goes from here. she has reshuffled her senior staff, she's getting rid of the finance minister and the prime minister. who does she have left to blame? >> all against this backdrop of the arrests, at the same time, a much wider issue regarding corruption and scandal. >> you have all of these wider issues with korean corporate and corruption issues there. mis-management issues. the arrest of park's friend leading into other corporate scandals as well. banks are being search for files, business lobbies are being investigate

oliver: there is this breakdown of this deal between gannett and tom. did things go south?llen: things headphone apart long before. this time, it fell apart big-time. get a net is the biggest newspaper chain in the country. it is the owner of usa today. chain,nt to build a huge a bigger chain of newspapers. trump owns the chicago tribune. it was but a few years ago by michael farah. he says that he wants to save journalism. he did not want to give it up. the price was good. end, it dragged on for so long that the deal fell apart. section, the features this is the cover story in united states. -- the united states. it has to do with the nfl. is having problems on tv. nobody expected it. they are having problems. people are cord cutting. they are streaming videos on their devices. the nfl was a dependable source of revenue. looks like fewer people are tuning in this season. it has a lot of people where it -- worried and scurrying to figure out why. here is felix. four years, the nfl was years, the nfl was the biggest thing on television. it still is. the audience has been shr

the owner of the "los angeles times" and chicago tribune and other papers fended off a takeover by gannettthey wanted to add them to their portfolio. newspapers are struggling with weaker print ad revenue but they managed to convince its shareholders to go along with its own plans to focus more on tech, artificial intelligence and even a global expansion into entertainment and video. >>> automakers reporting their october sales results today not including ford. they had a fire at its dearborn michigan headquarters. no injuries but there were electrical problems that caused data disruption so ford will delay its sales report to later this week. the fed kicks off a two-day meeting today but most expect them to raise rates despite some improving economic signals mainly because of the election. analysts reporting 50/50 odds on the feds making a move in december. stock market started up thanks to improving economic china signals. let's check it so far. the dow is now just higher by two points already starting to weaker. nasdaq up by a point and the s&p also up by one point in the early going. k

. >> then "the times," the journal, gannett, legacy media, it's tough. >> certainly legacy newspaperstelevision is doing fine. but legacy newspapers, what's really changed there and it's been very sudden is print decline, print advertising decline has suddenly fallen off a cliff. "new york times" down 19% year over year. that is hard to recover from. the great news for "the times" is they made five years ago a big bet on circulation and subscripti subscriptions. it has worked out beautifully. they will be in great shape even if they have to reduce their budgets over time. >> henry, a lot to cover. good to see you. thanks so much. henry blodget at post 9. >>> let's get a check on the market ts right now, trading a little to the upside for the dow and the s&p, the dow looking to rebound from its current five-day losing streak. the s&p and nasdaq have fallen for seven sessions straight. right now the nasdaq is slightly to the negative,.11%. shares of fitbit are getting crushed, the company posting mixed results for its third quarter. its fourth quarter outlook, though, came in well below

"new york times" stock up 16% since election day while shares of "usa today" parent gannett and trunk the "l.a. times" up by double digit percentage points. "new york times" ceo mark thompson telling us in a first on cnbc interview the paper has added 132,000 net subscribers since the election. >> subscriptions have been up ten times on the same period last year. so we're seeing a 10x net increase in subscriptions. so, you know, far from failing, we're seeing a remarkable response by new subscribers who like the kind of journalism, independent without fear or favor journalisms, which the "times" represents. >> this stands in sharp contrast to donald trump's repeated criticism of the "new york times" tweeting as recently as november 13th, quote, wow the "new york times" losing thousands of subscribers because of their very poor and highly inaccurate coverage of the trump phenomenon. the "times" isn't alone. trump's publications saw an average increase in paid digital subscriptions during election week with the "l.a. times" growing 61% election week alone. thompson saying the "times" is

at gannett runs to the public yesterday. and the slopes are open at a little bit switzerland. they have been making their home snow for a week now. there has not been enough snow coming down to stick so far, up there. turning now the weather watch 12. and here is meteorologist sally severson in the weather center. sally. first it was gift certificates. then gift cards... now, it's wisconsin lottery's $15 holiday scratch game, unwrap the cash. ironically elf-themed, this festively-fun gift put a bunch of us into early retirement. old-school gifts can't compete! so on my 400th workaversary, i moved on to greener pastures! see you on the green! andy: welcome news this morning. here's a live look outside on this sunday, november 27th. a little foggy out there. we're going to check back in with sally to see exactly when that fog goes away and when the mild temperatures start rising. we're following deputies news out of new orleans this morning. 10 people are shot and one seman dead after a shooting along a crowded bourbon street overnight. details are limitt, but abc news reports t

gannett ditching attempt to by the publisher of "the chicago tribune" and "l.a. times."cally couldn't line up financing. that was the problem. shares of both companies down at the moment. get you back to "cavuto: coast to coast." neil: all right. i want to show you the "new york post" cover. i always love their headlines, very, very clever but this one refers to hillary clinton getting ready for a big fireworks launch before even all the voting is done next week. going to be over the skies of new york. but karl rove here, who crunches these numbers, 43 deputy chief of staff, best-selling author. maybe she could be getting ahead of herself. what do you i this, karl? >> i think there is a dumb person sit in some little cubicle over in brooklyn saying what the heck was i thinking yeah, we ought to get some fireworks. for 2 1/2 minutes of fireworks she has created, she added to the impression she is waiting to be coronated, not that she is running hard through the finish line. neil: how do you think -- we've been focused on donald trump where he has been. hard to follow wher

and some of the old media broadcast owners like tribune, gannett, obviously a lot of secular declineshey do look like maybe they're washed out something like 50% to 60% losses from their highs. so that, guys, basically the areas i'm looking at. of course no guarantees. also my favorite, uranium, etf down 90% is down six years in a row. so unless nuclear energy goes away entirely -- i'm just pointing it out that that exists out there. >> i can't wait to hear the broker on that one. get me into uranium. >> a radioactive pick, carl. >> thanks, mike. good stuff. mike santoli. when we come back, the death of former cuban president fidel castro opening the door for president tru president-elect trump -- take a look at where stocks are trading at this hour. dow within a narrow range but down 46 points. a lot more "squawk on the street" is after the break. at'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you

the new york times stock is up around 16% since election day, shares of both usa today parent gannett they're both up by double digit percentage points. and though donald trump repeatedly called the new york times failing in a number of tweets, new york times ceo mark thompson tells us the paper has added 132,000 net subscriptions since the election. >> subscriptions have been up ten times on the same period last year. we're seeing a ten x net increase in subscriptions. so, you know, far from failing, we're seeing a remarkable response by new subscribers who like the kind of journalism, independent without fear or favored journalism that times represents. >> thompson contrasts the new york times journalism with the spread of fake news. many saying the spread of fake news on social media influenced voters this campaign season. >> social media benefits legitimate professional fact check journalism as well. we're very, very present on facebook and twitter and other social platforms. but clearly it is true that these new platforms, these relatively new platforms, make it possible for almo

. >> and the fact their earnings came on a day where gannett, the journal with layoffs, the times --venue is falling at 15%, 19% at these legacy companies. >> i had clorox on last night, one of the smartest consumer packaged goods. his budget from 10% social media to 40%. it goes up every time i speak to him. and it's facebook. >> and google. >> and google. that's it. >> that's more or less the entire marketplace. >> he said the return on investment for facebook and google is so much greater than -- >> and the bigger they get, the more data they have, the better they are in terms of giving an advertiser better what they're getting. >> if you back out facebook and google, u.s. ad spend estimated fallen five in the quarter. >> i put up a picture of my dog sleeping where i like to sleep and second most watched thing we had and most common on piece i've done in years. look, if you make fresh pet, if you make dog food, i mean you say i got to target that guy's thing, well, what do they know about me if i'm watching the game last night? they don't know jack about me. okay. but they know th

deal in sort of this netherworld, saying maybe there's a different kind of deal put together with gannettobviously tesla and solarcity working hard to get that done. recommending the merger on friday. let see what some of the others say, in the meantime look at the big board, super bowl host committee with the vince lombardi trophy celebrating 100 days to go until super bowl 51. speaki i it is key. >> it is. you want to have the same message. so when your ceo and shareholder tweets something that's a bit different than what you file publicly, that can create a communications morass for you. >> i do want to point out classic up openings like this have not been terrific places to get involved. now, this obviously is more election oriented. but to come in on top of what are pure futures buying has not worked. you can look at some of the european companies and maybe take your cue. i see a lot of the european banks are very strong. but there's some news over there makes it so they can raise some capital. but i want people to just be careful that this rally is entirely based on futures. and the

of the fellow publisher expected to open down sharply did not disclose why not pureeing the deal gannett opening this morning, disney company adding to plans for live action remakes of classic an naitsdz films this time with snow white disney remade cinderella jungle book, plans for "aladdin" "lion king" beauty and beast in the works. >> alabama yesterday after central alabama pipeline blew up supplies gasoline to millions have a by those been shut sundown second time in less than two months. >>c taking a look at impasse the disasters taking a toll on gasoline prices over to you. . reporter: it is it sure is already speeg prices spike dramatically in futures up over 15 cents a gallon up 13 cents a gallon that is going to show up at the pump on the east coast rather quickly, the reason is that the whole sell aers panic to go get hands on supply, so you are going to see certain cash markets up even more than that, so certain areas could see gasoline prices spike as much as 25 cents a gallon, it is not only gasoline, the colonial pipeline services close to 50 million people along east coast