New York Daily News Bought by Tronic for $1.00
Source: CBS News, 9:02 AM..ET
The New York Daily News, which bills itself as "New York's Hometown Newspaper," has been acquired by newspaper publisher Tronc.
The deal was struck for $1 and the assumption of pension and operational liabilities, according to The Chicago Tribune, which is owned by Tronc. In 1993, real estate magnate Mort Zuckerman bought it for $36 million. The newspaper's liabilities may exceed $30 million, The New York Times said.
Chicago-based Tronc (TRNC), which also publishes the Los Angeles Times, announced the deal Monday night, and the Daily News posted a story on its website. It was first reported by The New York Times.
The Daily News, which won a Pulitzer this year, has been buffeted by the changing media environment. Like other newspapers, its circulation has plummeted amid the shift to digital news. Tronc said the company was committed to maintaining the quality of the newspaper's journalism.
Read more: https://www.cbsnews.com/news/the-new-york-daily-news-bought-by-publisher-tronc-for-1/
