The acquisition gives the publisher of the Chicago Tribune and Los Angeles Times a presence in the three largest U.S. cities. Fred Katayama reports.
The New York City tabloid, New York Daily News, is back in the hands of its founder. The publisher of the Chicago Tribune and Los Angeles Times, Tronc, is buying the Daily News from real estate mogul Mort Zuckerman. The move gives Tronc a national presence in the three largest U.S. cities. No details on the deal's financial terms. A source says Tronc would assume about $30 million in liabilities. Tronc said it would also buy a nearly 50 percent stake in the land parcel that houses the Daily News' printing press in New Jersey. Zuckerman first put his paper up for sale two years ago but dropped the plan. The daily was famous for its headlines such as its iconic, "Ford to City: Drop Dead". Tronc shares climbing at the market open Tuesday. They've underperformed the broader market with a nearly 6 percent gain this year.