New York Daily News sells for US$1 (+ liabilities)
The New York Daily News has been NYC's “Hometown Newspaper” since 1919
US publishing group tronc (formerly The Tribune Company) has announced it has acquired the New York Daily News and NYDailyNews.com.
The New York Daily News, with approximately 25 million unique monthly visitors through NYDailyNews.com, has been New York City’s “Hometown Newspaper” since 1919.
“We are excited to welcome the New York Daily News team to the tronc family, and we look forward to working with them to serve new audiences and marketers while delivering value for our shareholders,” said Justin Dearborn, tronc CEO. “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.”
Under the terms of the transaction, the purchase price was reportedly US$1, but tronc assumes operational and pension liabilities of the New York Daily News.
The company will meet the obligations from New York Daily News cash flow.
