The announcement of a deal could come as soon as business opens on the fourth quarter of the year, as early as this morning, according to Politico. Given the many twists and turns in this process so far, further delays are certainly possible in any agreement between The Courier-Journal’s parent, Gannett Co., and Tronc, which owns the Los Angeles Times, Chicago Tribune, nine other dailies and 160 weekly and niche publications.

In early trading, Tronc shares rose 5% to $17.72 — near the reported $18-a-share price Gannett is offering. Shares of Gannett fell less than 1% to $11.59.

What happens to the CJ in the increasingly likely event Gannett lands Tronc? Here are some possibilities.