NEW YORK (TheStreet) -- Tribune Publishing (TPUB) stock falling by 5.09% to $11 on heavy trading volume late Thursday afternoon, as Gannett (GCI) is leaning toward dropping its offer to purchase the Chicago-based newspaper publishing company, sources told Bloomberg.

Gannett's decision reflected its belief that Tribune shareholders would support the current board of directors in a vote at today's annual meeting, Bloomberg adds.

The shareholders did in fact vote in favor of a slate of directors backed by Tribune Chairman Michael Ferro, according to a statement by Tribune Publishing earlier this afternoon.

Approval of the board indicates support for Ferro's opposition to Gannett's takeover bid of $15 per Tribune share, Bloomberg notes. Gannett said it would review whether to proceed with its offer following the shareholder meeting.

About 1.39 million shares of Tribune Publishing have been traded so far today, well above the company's average trading volume of roughly 609,326 shares per day.

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.

Tribune Publishing's strengths such as its generally strong cash flow from operations. At the same time, however, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: TPUB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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