Tronc shares jumped on Wednesday afternoon following reports that the publisher is considering an offer from a buyout group for the Chicago Tribune and the rest of its newspaper holdings.

Tronc shares, which were briefly halted for volatility, were up nearly 15 per cent to $16.91 at pixel time after the Chicago Tribune reported that its parent Tronc, was considering an offer of between $19 and $20 per share and a total offer that could add up to more than $700m from a private equity group.

The report comes after Tronc, formerly known as Tribune Publishing, sold the Los Angeles Times, the San Diego Union-Tribune and a number of smaller regional newspapers to biotech billionaire Patrick Soon-Shiong for $500m earlier this year.

Last month, Tronc laid off half the newsroom staff at the New York Daily News — which it snapped up for $1 in cash and $60m of operational and pension liabilities — including editor-in-chief Jim Rich, saying it wants to focus on digital news.

Tronc shares were down 16 per cent year-to-date as of Tuesday’s close. The media company is due to report results after the bell on Thursday.

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