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Publisher Tronc continues newspaper buying spree with purchase of New York Daily News

Reuters From Business Insider

(Reuters) – Newspaper company Tronc Inc, which owns the Chicago Tribune and the Los Angeles Times, said it acquired the New York Daily News from media and property mogul Mort Zuckerman.

Financial terms of the deal were not disclosed, but a source familiar with the deal said Troncwould assume roughly $30 million of liabilities.

Tronc said late on Monday it would also buy a 49.9 percent interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land on which New York Daily News’ printing facility in New Jersey is located.

Zuckerman, who first put the New York Daily News on the auction block in February 2015, sought $200 million for the paper at the time.

However, he dropped the plan and said in August 2015 that the newspaper was no longer up for sale.

Tronc’s predecessor, The Tribune Co, founded the New York Daily News, and with the transaction, Tronc will serve 10 major U.S. markets, Tronc CEO Justin Dearborn said in a statement.

Arthur Browne, current editor-in-chief of the New York Daily News, has also been named as the publisher.

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.

IMAGE: Mort Zuckerman AP

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