Tronc Snaps Up New York Daily News

Zuckerman sells tabloid after 24 years
By Newser Editors and Wire Services
Posted Sep 5, 2017 12:03 AM CDT
Tronc Snaps Up New York Daily News
Mort Zuckerman attends Bloomberg Businessweek's 85th Anniversary celebration at the American Museum of Natural History.   (Photo by Stephen Chernin/Invision/AP)

Newspaper publisher Tronc has acquired the New York Daily News, the storied tabloid that won a Pulitzer Prize this year but has been buffeted by the changing media environment. Chicago-based Tronc Inc., the publisher of the Los Angeles Times and the Chicago Tribune, announced the deal Monday night, and the Daily News posted a story on its website. Tronc CEO Justin Dearborn said acquiring the paper and its popular website would "provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers," the AP reports.

"Over the past near-century, the New York Daily News has served New York City and its surrounding areas with its award-winning journalism and helped shape the dynamics of the city," Daily News owner Mort Zuckerman said in a release. A New York real estate magnate, he had owned the paper since 1993. The deal puts the Daily News under the umbrella of one of the nation's major newspaper chains, with properties spanning from the Hartford Courant in Connecticut to the Sun-Sentinel in South Florida. Tronc gains a presence in the New York media market, a news site with about 25 million unique monthly visitors, and other assets. Under the terms of the deal, Tronc said it assumed the Daily News' operational and pension liabilities and got 100% ownership of its Jersey City, NJ, printing plant and a 49.9% interest in the plant's 25-acre property, which overlooks the Manhattan skyline. (More New York Daily News stories.)

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