Media group Tronc acquired New York Daily News
New York Daily News now has a new owner. The newspaper was sold by its former owner Mortimer Zuckerman to the media company Tronc. The company, which is the third largest newspaper publisher in the US, is printing popular newspapers such as Chicago Tribune and Los Angeles Times.
Interesting is the way the deal is paid – instead of for money, the 80-year-old Zuckermann transfers the newspaper to Tronc against incurring his expenses and debts. It is believed that only the pension liabilities of the publication are tens of millions of dollars. The media company will also receive the newspaper’s printing house in Jersey City, New Jersey. Zuckerman will only be the owner of the land where it is raised.
Though far modest than its eminent rivals, the New York Times and the New York Post, the New York Daily News is almost a century old and is the eighth most popular newspaper in the United States.
The new publisher will work with New York Daily News to “serve new audiences and marketers while delivering value to their shareholders”, CEO of media group Tronc, Justin Dearborn. The plan includes the extension of the newspaper’s website and the use of the printing press for the media company’s editions for Alentown, Pennsylvania and Hartford, Connecticut.
Tronc tries to grow at several points at the same time. The company recently tried to buy the Chicago Sun-Times, but attempts were unsuccessful. The most popular edition of the company is the Los Angeles Times. Recently, Dearborn appointed a new editor-in-chief and publisher. Daily News Editor-in-Chief Arthur Brown plans to retire, but has agreed to remain at the helm until the end of the year. Until then, he will also act as the tabloid publisher.
The newspaper, which is known for its provocative first page, became the property of the real estate investor Zurmerman in 1993. It was previously issued by the Tribune media group, whose successor is Tronc. Mortimer Zuckerman wanted to sell it in 2015, but decided to wait.
New York Daily News faces the same problems as many other newspapers: declining sales of print media for the digital switchover worldwide. The tabloid invests in its website, but is still popular with his tabloid front page, print features and sports material.