Tronc Acquires New York Daily News
Tronc announced on Monday its full control of the paper's operations, its printing plant in Jersey City and its pension liability.
The New York Daily News has been sold to Tronc, which owns the Los Angeles Times and Chicago Tribune. Tronc announced on Monday its full control of the Daily News' operations, its printing plant in Jersey City and its pension liability.
“We are excited to welcome the New York Daily News team to the Tronc family, and we look forward to working with them to serve new audiences and marketers while delivering value for our shareholders,” said Tronc CEO Justin Dearborn in a statement. “As part of the Tronc portfolio, the New York Daily News will provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers.”
"With the New York Daily News back under our umbrella, Tronc will serve 10 major U.S. markets, including each of the top three, hold 105 Pulitzers and have over 80 million unique monthly digital visitors,” Dearborn added.
New York Daily News editor in chief Arthur Browne will continue in his role and become the paper's publisher until the end of 2017.
The almost 100-year-old tabloid, owned by real estate mogul Mortimer B. Zuckerman since 1993, had been hit with layoffs and a decrease in print circulation during a challenging time for print publications as digital formats continue to evolve. The price tag of the sale is $1, according to the Chicago Tribune.
Tronc's announcement included that the company will acquire a "49.9% interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land on which the printing facility is located and which overlooks the Manhattan skyline."
The Rupert Murdoch-owned New York Post is considered to be its rival.
The sale comes after Tronc recently fired L.A Times top editor and publisher Davan Maharaj and three other L.A. Times editors. Ross Levinsohn has been brought in as the paper's publisher and chief executive.
The Tribune Company previously owned the Daily News until 1991, before it became Tronc.