Published: Tue, September 05, 2017
Money | By Charlene Sutton

New York Daily News Sold to Tronc, Publisher of the Chicago Tribune

New York Daily News Sold to Tronc, Publisher of the Chicago Tribune

Tronc, a newspaper publication better known as the parent company of The Chicago Tribune and The Los Angeles Times has announced that it is set acquire New York's Daily News.

Zuckerman paid $36 million for the Daily News.

The News, a almost 100-year-old media company, is based in Manhattan and was owned by Mortimer B. Zuckerman. The other big story of day: President Donald Trump's reported decision to pull the plug on the so-called "Dreamers" immigration program.

Owner Mort Zuckerman previously listed The Daily News for $200mn back in February 2015. "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".

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Arthur Browne, current editor-in-chief of the New York Daily News has also been named as Publisher.

Under the transaction, tronc assumed operational and pension liabilities of the paper and will meet the obligations from the Daily News cash flow, a tronc release said. The report said printing operations for the Courant will be moved to New Jersey. "And while most newspapers have experienced drops in circulation, the News' has plummeted".

CNN's Brian Stelter described the acquisition as a "sign of the perilous times for newspaper publishers" while Tronc's Chicago Tribune called the takeover a "stunning and bold bet on the future of newspapers".

Tronc said late on Monday it would also buy a 49.9 percent interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land on which the Daily News' printing facility in New Jersey is located.

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The Daily News has a daily circulation of 200,000, and about 260,000 on Sundays.

Under Ferro, Tronc has pursued an aggressive strategy of deal-making. At that time, the newspapers and the broadcast properties were split into separate companies.

"The Sun-Times deal in no way changed our plans".

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