11:25 AM, Sep 5, 2017 — tronc (TRNC), a US publisher, which owns the Chicago Tribune and the Los Angeles Times, said that it acquired all of the outstanding interests of Mortimer Zuckerman’s Daily News, LP., the owner of the New York Daily News and NYDailyNews.com, to expand its publishing portfolio to 10 major US markets.
Financial terms of the transaction weren’t disclosed. Under the terms of the transaction, tronc assumed operational and pension liabilities of the New York Daily News, the media company said on its website late on Monday. The company will meet the obligations from New York Daily News cash flow.
Founded in 1919, the New York Daily News has 11 Pulitzer prizes under its belt, most recently winning the public service journalism prize in 2017. The NYDailyNews.com boasts more than 80 million unique monthly visitors. The New Your Daily News was founded by tronc’s predecessor company, The Tribune Company, tronc said.
The deal includes 100% ownership of the New York Daily News’ printing facility in Jersey City, New Jersey. As part of the transaction, tronc will acquire a 49.9% interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land on which the printing facility is located, overlooking the Manhattan skyline, tronc said.
Companies: tronc, Inc.
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