The New York Daily News Has Been Sold
The publisher of the Los Angeles Times and Chicago Tribune has acquired the Daily News.
The New York Daily News, a nearly 100-year-old tabloid that for decades has set the city’s agenda with its coverage, has been sold.
The New York Times writes that Tronc, the publisher of The Los Angeles Times and the Chicago Tribune has acquired the Daily News.
According to the Times, the deal marks the end of an era for the Daily News, who was “long a voice for New York’s working class.” The paper is known for its bold, front-page images and headlines, which have always made commentary about candidates and politicians. The deal may also be a signal to the end of the political influence of its owner, Mortimer B. Zuckerman, who bought the paper in 1993 for $36 million in cash.
The paper once circulated to over two million a day in the 1940s, but now, it is in the low hundred thousands. The paper has had to reduce its staff in sweeping layoffs, the Times writes, and the Chicago Tribune reported on Monday that Tronc purchased the Daily News for just $1 plus the assumption of liabilities.
Despite the hardship, the paper still has a strong voice and influence, the Times says. The Daily News and ProPublica shared the Pulitzer Prize for public service for a series on the New York Police Department’s widespread abuse of eviction rules. And the paper hasn’t stopped printing those evocative headlines which attract widespread attention, especially those about President Trump.
“The New York Daily News is a venerable New York City institution,” Eric Gertler, the co-publisher of The News, said in a statement, according to The Times. “We believe that under Tronc’s leadership, The New York Daily News will maintain its tradition of excellence in journalism and continue to be a critical voice for millions of print and online readers.”
Under the terms of the deal, Tronc assumes control of the Daily News’s operations, as well as its printing plant in Jersey City and its pension liability. The Times reports that Tronc will also receive a 49.9 percent interest in the 25-acre property overlooking Manhattan where the printing plant is.
Tronc might also save money by printing The Hartford Courant and the Morning Call of Allentown, Pa. This move could save millions of dollars annually.
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