NY Daily News Falls to Tronc for Buck

Jon Howard
September 5, 2017

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. It can also indicate the conclusion of the political effect its owner the real estate magnate Mortimer B. Zuckerman, who often utilized paper's bold, front-page headline recognized as the wood for elucidation about candidates and politicians regionally and nationally. 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.

The venerable tabloid, long a staple of New York's working class and subway patrons, will reportedly be purchased for $1 and the assumption of operational and pension liabilities, according to The Chicago Tribune. "And while most newspapers have experienced drops in circulation, the News' has plummeted". Tronc's other newspapers include the Baltimore Sun, the Hartford Courant and the San Diego Union-Tribune. The Company will meet the obligations from New York Daily News cash flow.

For this transaction, Methuselah Advisors acted as Daily News, L.P.'s exclusive financial advisor and Simpson Thacher & Bartlett LLP served as the corporate counsel.

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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 the Daily News' printing facility in New Jersey is located. The company hopes that will "endear it to national advertisers", per the Times.

Tronc executives also said they would look to implement the ARC publishing system it has licensed from The Washington Post at the Daily News after it finishes putting it into effect it in other cities. 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.

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