NY Daily News to be sold to tronc, co-publisher says

tronc, inc. | News Release

tronc, inc. | News Release

"The New York Daily News is a venerable New York City institution", added New York Daily News co-Publisher Eric Gertler.

The Daily News has been acquired by Tronc, the publisher of The Los Angeles Times and The Chicago Tribune.

Zuckerman, who first put the New York Daily News on the auction block in February 2015, sought $200 million for the paper at the time.

The Daily News has won 11 Pulitzer awards since its founding in 1919, including a prize this year for its reporting on police abuse of eviction rules to oust poor residents from their homes. He will report to tronc President Timothy Knight.

As part of the deal, tronc will acquire a 49.9% interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land in New Jersey on which the printing facility is located.

Zuckerman, who bought The News in 1993 for $36 million in cash, said the paper had "helped shape the dynamics of the city".

Reaction to the acquisition was mixed among those in the media industry.

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The deal represents the end of an era for The News, which was long a voice for New York's working class.

The Daily News's main newsstand rival, the New York Post, is owned by Rupert Murdoch.

David notes that Tronc also owns large regional papers in Baltimore, South Florida and Hartford, among others. It is also facing a stiff competition from internet age.

Though a Big Apple staple for nearly a century, the Daily News has been buffeted by larger negative industry trends, including declining ad revenues and the fact that millennials don't know how to read a physical newspaper.

Tronc has aggressively been trying to expand its media footprint since Michael W. Ferro Jr.

For this transaction, Methuselah Advisors acted as Daily News, L.P.'s exclusive financial advisor and Simpson Thacher & Bartlett LLP served as the corporate counsel. This pales in comparison to the several million copies it used to sell daily in the 1940s.

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