News Worms
News Worms

Tronc Acquires New York Daily News

Tronc Acquires New York Daily News

On Labor Day news broke that Mort Zuckerman's actually failing Daily News would be sold to Tronc, which until recently was better know as Tribune Publishing.

He noted that the addition of New York's "Hometown Paper", which through its website attracts more than 25M unique monthly visitors, gives tronc coverage in the nation's Top Ten markets.

The News, a almost 100-year-old media company, is based in Manhattan and was owned by Mortimer B. Zuckerman.

Arthur Browne, the current editor-in-chief, will be staying in that position through the end of the year and has also been named publisher, a tronc news release said Monday night.

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 Chicago Tribune reported that Tronc bought The News for just $1, plus the presupposition of the liabilities. "As part of the tronc portfolio, the New York Daily News will provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers".

The News, which bills itself as "New York's Hometown Newspaper", has always been a paper aimed at the working class in the nation's biggest city.

The Post writes: "In the past few years, the paper's staff has gone through layoffs and buyouts".

Although the details have not been made public, Reuters reports that Tronc, formerly known as Tribune Company, will assume roughly $30 million in liabilities.

The deal gives Tronc, previously known as Tribune Publishing, a foothold in three major urban USA markets; as well as the Chiago Tribune it also publishes the Los Angeles Times, considered its flagship publication. The circulation, which exceeded 2 million in the 1940s, is now in the low hundred thousands.

Tronc also expects to save money by using the plant in Jersey City to print The Hartford Courant and The Morning Call of Allentown, Pa., according to people briefed on the negotiations. Tronc will also take full ownership of the paper's printing facility in Jersey City, as well as a 49.9 percent interest in the surrounding 25-acre property, which overlooks Manhattan.

"The Sun-Times deal in no way changed our plans".


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