Published: Tue, September 05, 2017
Economy | By Guillermo Lane

Tronc acquires tabloid New York Daily News

Tronc acquires tabloid New York Daily News

And Tronc's predecessor company, Tribune, owned The Daily News for decades before selling it a generation ago to Zuckerman.

Trump - for his part - is a known fan of the Daily News' chief rival, The New York Post. "Mort and I will now root for tronc, the newspaper, the web site and all its hardworking and talented employees - but from the sidelines of the streets of New York City - and, like all New Yorkers, we will awake each morning eagerly anticipating the cover of the News and surf the paper's web pages for its special perspective on the news of the day".

In a sign of the perilous times for newspaper publishers, no cash will change hands, according to The Times: "Under the terms of the deal, Tronc would assume control of The News's operations, its printing plant in Jersey City and its pension liability".

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

"Under the ownership of Mortimer Zuckerman, the New York Daily News was awarded five Pulitzer Prizes recognizing their commitment to quality journalism that serves the citizens of New York City and the surrounding area".

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It was not immediately clear what The News' pension liabilities were; however, previous reports indicated that they were worth more than $30 million. As part of the transaction, tronc 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 Daily News has a daily circulation of 200,000, and about 260,000 on Sundays.

About tronc, Inc.tronc, Inc.

Chicago-based Tronc (TRNC), which owns the Chicago Tribune and Los Angeles Times among other newspapers, announced Monday that it was purchasing New York's Daily News.

Justin Dearborn, Tronc's chief executive officer, was quoted by the Tribune as saying, "This is a great deal for the paper and for us". Words such as "may", "believe", "anticipate", "expect", "intend", "plan", "project", "will", "projections", "continue", "business outlook", "estimate", "outlook", or similar expressions generally identify forward-looking statements. The company hopes that will "endear it to national advertisers", per the Times.

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