Tronc acquires tabloid New York Daily News

Zuckerman sold the New York Daily News to Tronc

Chicago-based Tronc, the newspaper chain that owns The Chicago Tribune, has struck a deal to buy The New York Daily News. And Tronc's predecessor company, Tribune, owned The Daily News for decades before selling it a generation ago to Zuckerman.

The News, a almost 100-year-old media company, is based in Manhattan and was owned by Mortimer B. Zuckerman.

As NPR's David Folkenflik reports: "The Daily News, much like Tronc itself, is much diminished and has struggled to secure a firm financial footing".

"The New York Daily News is a venerable New York City institution", added New York Daily News co-Publisher Eric Gertler. Like Trump, Daily News owner Mort Zuckerman is a NY real estate magnate. "We believe that under Tronc's leadership, the New York Daily News will maintain its tradition of excellence in journalism and continue to be a critical voice for millions of print and online readers".

The New York Daily News has been purchased by a major publishing conglomerate, it was announced Monday night.

The Daily News has endured waves of layoffs in recent years as it weathered circulation declines.

New York Daily News sold to Tronc
The New York Daily News’ was sold to publisher Tronc

The News, which bills itself as "New York's Hometown Newspaper", has always been a paper aimed at the working class in the nation's biggest city.

Tronc has agreed to assume the News' pension liability and other debt in exchange for taking over the tabloid and its dwindling circulation.

Tronc executives also said they would look to implement the ARC publishing system it has licensed from The Washington Post at the Daily News after it finishes putting it into effect it in other cities. And the deal includes 100% ownership of the paper's printing facility in Jersey City, New Jersey (along with a 49.9% interest in a joint venture owning the land on which the facility is located).

Zuckerman has long sought to offload the paper, having first put it up for sale with an asking price of $200m in 2015, but failed to find a buyer.

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

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