tronc has acquired the New York Daily News and NYDailyNews.com
OREANDA-NEWS. tronc, Inc. (NASDAQ:TRNC) today announced that it has acquired all of the outstanding interests of Daily News, LP., owner of 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. It has won 11 Pulitzer Prizes, most recently the prize in the category of public service journalism in 2017.
“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.”
Noting that tronc’s predecessor company, The Tribune Company, founded the New York Daily News, Dearborn added, “With the New York Daily News back under our umbrella, tronc will serve 10 major U.S. markets, including each of the top three, hold 105 Pulitzers and have over 80 million unique monthly digital visitors.”
Arthur Browne, current editor-in-chief of the New York Daily News has also been named as Publisher. Mr. Browne, who previously indicated his intention to retire from the paper, has agreed to stay until the end of 2017. He will report to tronc President Timothy Knight.
“Over the past near-century, the New York Daily News has served New York City and its surrounding areas with its award-winning journalism and helped shape the dynamics of the city,” said Mort Zuckerman, New York Daily News Chairman and Publisher, and owner since 1993.
“The New York Daily News is a venerable New York City institution,” added New York Daily News co-Publisher Eric Gertler. “We believe that under tronc’s leadership, the New York Daily News will maintain its tradition of excellence in journalism and continue to be a critical voice for millions of print and online readers.”
“Under the ownership of Mortimer Zuckerman, the New York Daily News was awarded five Pulitzer Prizes recognizing their commitment to quality journalism that serves the citizens of New York City and the surrounding area. We look forward to continuing this great tradition and appreciate his faithful stewardship as its owner,” said Timothy Knight, tronc President.
Additional Transaction Details
Under the terms of the transaction, tronc assumed operational and pension liabilities of the New York Daily News. The Company will meet the obligations from New York Daily News cash flow.
The transaction 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 and which overlooks the Manhattan skyline.
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.
About tronc, Inc.
tronc, Inc. (NASDAQ:TRNC) is a media company rooted in award-winning journalism. Headquartered in Chicago, tronc operates newsrooms in nine markets with titles including the Chicago Tribune, Los Angeles Times, The Baltimore Sun, Orlando Sentinel, South Florida's Sun-Sentinel, Newport News, Virginia’s Daily Press, Allentown, Pennsylvania's The Morning Call, Hartford Courant, and The San Diego Union-Tribune. Our legacy of brands has earned a combined 94 Pulitzer Prizes and is committed to informing, inspiring and engaging local communities.
Our brands create and distribute content across our media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.