Economy

The New York Daily News Has Sold For Just $1

The New York Daily News Has Sold For Just $1”

Tronc, formerly known as Tribune Publishing, acquired the Daily News for $1 but also assumed all of the paper's operational and pension liabilities, according to the Chicago Tribune.

Tronc, a newspaper publication better known as the parent company of The Chicago Tribune and The Los Angeles Times has announced that it is set acquire New York's Daily News.

Tronc agreed to buy New York Daily News for just $1. The Daily News is almost a hundred year old tabloid providing the city with all the dimensions of the news like gossip, sports and city coverage.

"The New York Daily News" was sold to publisher Tronc.

In typical Daily News fashion, the Pulitzer Prize-winning tabloid, which has been in operation since 1919, shared the big news on Twitter. In 1940s the circulation of this paper was 2 million a day and now it has fallen down to low hundred thousand. "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".

As part of the deal Tronc also takes a 49.9 percent interest in a property containing the New York Daily News's printing plant, overlooking Manhattan in Jersey City. He put it on the market in 2015 and attracted the attention of Gristedes supermarket mogul John Catsimatidis and Cablevision boss James Dolan. 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. Last year, Gannett sought to buy Tronc, but Ferro resisted; Gannett raised its offer several times but ultimately walked away, though investors continue to speculate about a potential deal. At the time, The Post reported that Zuckerman was hoping to get $200 million. But later that year, Zuckerman took the paper off the market, raising fresh questions about its future.



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