Publisher Tronc To Purchase New York's 'Daily News'

Publisher Tronc To Purchase New York's 'Daily News'

The Daily News is a familiar sight on newsstands in NY and, thanks to its provocative covers, a familiar sight on social media far from the city.

Chicago-based Tronc, the newspaper chain that owns The Chicago Tribune, has struck a deal to buy The New York Daily News.

The 98-year-old Daily News and ProPublica together won this year's Pulitzer Prize in public service journalism for a project about evictions.

Cowen & Co analyst Lance Vitanza said in a research note that New York City was an "obvious gap in Tronc's footprint" and said it would accretive to Tronc's earnings and free cash flow within 12-18 months.

The deal gives Tronc, previously known as Tribune Publishing, a foothold in three major urban US markets; as well as the Chiago Tribune it also publishes the Los Angeles Times, considered its flagship publication.

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

Protesters demand $15 minimum wage during Labor Day protests
Rallies like the one at Main Street Station Plaza, are happening all across the country on Labor Day . Workers and their supporters turned out on a lovely day and listened to more than a dozen speakers.

Browne, who previously indicated his intention to retire from the paper, has agreed to stay until the end of 2017 and will report to Tronc President Timothy Knight. "While small- and medium-market newspapers have been more insulated from the disruption, Tronc is going all-in on major market newspapers as a platform to grow its digital business", wrote the Tribune.

In a sign of the times, the paper's straits are apparently so dire that Zuckerman is essentially giving the property to Tronc for free - on condition that the publisher assume the Daily News' liabilities.

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

The transaction includes 100% ownership of the New York Daily News' printing facility in Jersey City, New Jersey.

Zuckerman has long sought to offload the paper, having first put it up for sale with an asking price of $200m in 2015, but failed to find a buyer. Ferro also tried to buy US Weekly, but the deal fell through, and he most recently was engaged in conversations to have Tronc buy The Chicago Sun-Times.

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