The New York Daily News, a tabloid that once boasted one of the highest daily circulations in the nation, has been sold to tronc, the Chicago-based former Tribune Publishing company, the companies said Monday night.
The News, a nearly 100-year-old media company, is based in Manhattan and was owned by Mortimer B. Zuckerman.
Justin Dearborn, tronc chief executive, said in a letter Monday night The Daily News offices would remain in New York.
“Adding an iconic media property like The Daily News not only expands our tremendous portfolio of newspaper brands, it also allows us to grow our digital platform and broaden our services for advertisers and marketers,” Dearborn said.
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.
Eric J. Gertler, former co-chairman and former co-publisher, broke the news to staffers in an email Monday night.
“It is bittersweet that I announce the sale of the New York Daily News to tronc, Inc.,” he wrote. “Mort and I will now root for tronc, the newspaper, the web site and all its hardworking and talented employees — but from the sidelines of the streets of New York City — and, like all New Yorkers, we will awake each morning eagerly anticipating the cover of the News and surf the paper’s web pages for its special perspective on the news of the day.”
Tronc is the new iteration of Tribune Publishing, a spinoff of Tribune company that used to own Newsday. The company also publishes the Los Angeles Times, Chicago Tribune and The Baltimore Sun, among others.
Under the transaction, tronc assumed operational and pension liabilities of the paper and will meet the obligations from the Daily News cash flow, a tronc release said.
The Daily News has endured waves of layoffs in recent years as it weathered circulation declines.
Its daily circulation once exceeded 2 million in the 1940s, according to the Times, which added that the paper’s circulation numbers are now in the “low hundred thousands.”