The parent company of the Chicago Tribune and Los Angeles Times has acquired the New York Daily News from real estate tycoon Mort Zuckerman for reportedly $1 plus assumption of liabilities. And Tronc's predecessor company, Tribune, owned The Daily News for decades before selling it a generation ago to Zuckerman. The other big story of day: President Donald Trump's reported decision to pull the plug on the so-called "Dreamers" immigration program.
Justin Dearborn, tronc chief executive, said in a letter Monday night The Daily News offices would remain in NY.
Tronc disclosed in a filing early Tuesday that it had paid $1 in cash plus the assumption of liabilities for the almost 100-year-old tabloid newspaper and a state-of-the-art printing plant in Jersey City, New Jersey, across the Hudson River from New York City. "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.
Up until 2014, The Hartford Courant and FOX61 were owned by Tribune. The circulation, which exceeded 2 million in the 1940s, is now in the low hundred thousands.
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.
Under the terms of the deal, Tronc assumes control of The News' operations, its printing plant in Jersey City, N.J., and its pension liability.
The transaction includes 100% ownership of the New York Daily News' printing facility in Jersey City, New Jersey. The billionaire toyed with selling the paper in 2015, but took it off the market after a few months.
Under Ferro, Tronc has pursued an aggressive strategy of deal-making. The Company's actual results could also be impacted by the other risks detailed from time to time in its publicly filed documents, including in Item 1A (Risk Factors) of its most recent Annual Report on Form 10-K, in its Quarterly Reports on Form 10-Q and in other reports filed with the Securities and Exchange Commission.