The New York Daily News Has Sold For Just $1

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The New York Daily News Has Sold For Just $1

Tronc, the publisher of The Los Angeles Times and The Chicago Tribune, announced on Monday that it had acquired The Daily News, the almost 100-year-old tabloid that for decades set New York City's agenda with its gossip, sports and local coverage.

The New York Daily News, the storied century-old tabloid known for its provocative headlines, has been sold for US$1 (RM4.26), in the latest sign of turmoil in the newspaper sector.

Tribune Co. owned the NY paper until 1991, when it was bought by British newspaper magnate Robert Maxwell.

Tronc said in a press release, "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".

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. "And while most newspapers have experienced drops in circulation, the News' has plummeted".

In 2015, the paper had a round of mass layoffs, a story which has become all too predictable in the "pivot to video" era.

Tronc is also the parent of the Los Angeles Times, the Chicago Tribune and several other dailies.

Although the details have not been made public, Reuters reports that Tronc, formerly known as Tribune Company, will assume roughly $30 million in liabilities.

Up until 2014, The Hartford Courant and FOX61 were owned by Tribune.

Its daily circulation once exceeded 2 million in the 1940s, according to the Times, which added that the paper's circulation numbers are now in the "low hundred thousands". But later that year, Zuckerman took the paper off the market, raising fresh questions about its future.

Tronc has been looking to expand its portfolio under new chairman Michael Ferro, with the move coming less than a month after Tronc's unsuccessful attempt to purchase the Chicago Sun-Times.

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