Chicago Tribune and Los Angeles Times owner Tronc absorbs New York Daily News
US publisher Tronc, owner of the Chicago Tribune and Los Angeles Times, has expanded its footprint to the east coast with acquisition of the New York Daily News for an undisclosed sum.
Tronc snaps up New York Daily News
The deal sees Tronc, formerly known as Tribune Publishing Company, wrest control from former proprietor Mort Zuckerman, with whom Tronc will partner by purchasing a 49.9% stake in a joint venture property firm which owns a 25-acre plot in New Jersey from which the Daily News is printed.
Under the terms of the deal Tronc will also assume $30m in liabilities associated with the paper which it itself founded in 1919, bringing its ownership full circle. One of its first acts as owner was to appoint Arthur Browne, present editor-in-chief, as publisher reporting directly to Tronc president Timothy Knight.
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.
Zuckerman has also previously owned The Atlantic.