Home » Money

LA Times parent buying The New York Daily News

05 September, 2017, 21:11 | Author: Paula Vaughn
  • Tronc the publisher of The Los Angeles Times

The storied NY tabloid newspaper the Daily News has been acquired by Tronc, the publisher of the Los Angeles Times and The Chicago Tribune.

Zuckerman, who first put the New York Daily News on the auction block in February 2015, sought $200 million for the paper at the time.

It marks a shift from the paper's previous owner, Mortimer B. Zuckerman, a real estate magnate and influential figure in the city who used the paper's combative front pages to pass comment on political figures.

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.

Justin Dearborn, tronc chief executive, said in a letter Monday night The Daily News offices would remain in NY. "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".

Key US Gasoline Pipeline Aims To Carry More Fuel By Sunday
The Energy Department announced Thursday morning that the agency would pump 500,000 barrels of oil from the US strategic reserve. Almost a year ago Colonial suffered a break in its Line 1 in Georgia, interrupting fuel supplies to the East Coast.

Tronc has agreed to assume the News' pension liability and other debt in exchange for taking over the tabloid and its dwindling circulation.

"We expect it to benefit greatly from becoming part of the Tronc ecosystem", he said. The Company will meet the obligations from New York Daily News cash flow. And like the rest of the newspaper industry, The News has been battered and bruised by the internet age, when the equivalent of pithy headlines - a staple of The News - come a mile a minute on Twitter. Tronc's other newspapers include the Baltimore Sun, the Hartford Courant and the San Diego Union-Tribune.

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.

Justin Dearborn, Tronc's chief executive officer, was quoted by the Tribune as saying, "This is a great deal for the paper and for us". At that time, the newspapers and the broadcast properties were split into separate companies.

Recommended:

  • Eden Hazard Latest, Diego Costa Rumours

    Eden Hazard Latest, Diego Costa Rumours

    The 25-man squad lists had to be completed on Friday, with the Premier League confirming the selections on their official website. Costa has made it clear he wants to rejoin Atletico after being told he is not in Antonio Conte's Chelsea plans for the season.
    The Samsung J7+ is Samsung's Second Dual Camera Smartphone

    The Samsung J7+ is Samsung's Second Dual Camera Smartphone

    It has 4 GB of RAM and 32 GB of storage that you are able to expand for an additional 256 GB with the help of a microSD card. The front shooter is of 16MP potential having an aperture of f/1.9 lens, created for flawless selfies.

    Pyongyang Claims It Has Hydrogen Bomb Small Enough to Mount on ICBM

    This story was first published on CNN .com " North Korea: Kim Jong Un observes missile-ready hydrogen bomb ". The North has previously claimed to have miniaturised a nuclear weapon but experts have cast doubt on this.
  • Muslim nations calls Myanmar to stop Rohingya persecution

    Muslim nations calls Myanmar to stop Rohingya persecution

    Satellite images have revealed an entire village in Myanmar burned to the ground amid the country's ongoing violence that erupted in August.
    Florida State QB Deondre Francois out for the season

    Florida State QB Deondre Francois out for the season

    After an Alabama three-and-out, Florida State took over from its own 30-yard line with 55 seconds remaining in the second quarter. When Tide running backs Bo Scarbrough and Damien Harris tried to run up the middle, there was practically nowhere for them to go.
    Man charged with murder in disappearance of Temple University student

    Man charged with murder in disappearance of Temple University student

    Burleigh was killed in Philadelphia, Ryan said, and the crime did not appear to be premeditated, the police source said. Philadelphia police said Sunday a body found on property belonging to Hupperterz's relative was identified as Burleigh.
  • Russian Federation  condemns N. Korea's latest test

    Russian Federation condemns N. Korea's latest test

    For the first time, North Korea also specifically mentioned the possibility of a electromagnetic pulse, or EMP, attack. Kim signed off on the plan, but is watching the moves by the USA before deciding when or whether to carry it out.
    Shubh Mangal Savdhan has a 'shubh' weekend collects Rs. 14.46 cr

    Shubh Mangal Savdhan has a 'shubh' weekend collects Rs. 14.46 cr

    The film is made on a large budget of Rs. 80 crore and it released in 2800 screens in India and 442 screens in overseas. Unfortunately, the full movie has been leaked online and several download links are being shared on social media.
    Nigeria inspired by Ikeme to qualify for Russian Federation

    Nigeria inspired by Ikeme to qualify for Russian Federation

    A delighted Coach Gernot Rohr praised his team and said they were dedicating the victory to recuperating goalkeeper Carl Ikeme. The Nigeria national team will only be able to hold their main training session in Yaounde from 7pm on Sunday.
  • Thomas bags Boston for 5th title of season

    Thomas bags Boston for 5th title of season

    The field will now be cut from the top 100 points leaders to the top 70 for the BMW Championship, starting on 14 September. SHOT OF THE DAY: This incredible approach from the rough at No. 13 led to a birdie and was the catalyst to Thomas' win.
    'US never out of diplomatic solutions on N Korea'

    'US never out of diplomatic solutions on N Korea'

    So the question is whether North Korea will put some checks on itself as it seeks to expand its weapons tests in the Pacific. Tensions between America, North Korea, and the hermit state's regional neighbors have been rising for months.
    Lewis wins for Houston, donates $195K check

    Lewis wins for Houston, donates $195K check

    Annika Sorenstam had a chance in 2004 for a third straight at Columbia Edgewater, but she finished two shots behind Hee-Won Han. She announced the day before the tournament started that she would donate her winnings from the week to the relief effort.


Popular

Xiaomi Mi MIX 2 Has Entered Mass Production
We've collated all the specs, feature and release date rumours, so you're up to date on the imminent release from Xiaomi . Besides this, the screenshots also reveal the presence of 4400mAh battery in the Mi Mix 2 , along with a 20MP rear camera.

Dead Rising 4 Special Edition Heading to PS4 This Winter
As we can see from the trailer, Street Fighter costumes will be available as well as unique Capcom heroes as characters. Dead Rising 4: the latest greatest version of the game, including post-launch difficulty settings and upcoming updates.

Net Neutrality Debate: FCC Gets 22 Million Comments, Many From Bots
That really dives into one of the main problems with Pai's suggestion for how to make the open internet work. That's one of the key provisions the FCC now uses to enforce net neutrality.

Mnuchin frets having Harvey money, wants Congress to raise debt limit ASAP
So, we need to put politics aside and we're going to be urging Congress to get both of those things done as quickly as they can. Mnuchin's spending-debt ceiling pitch resulted in a quick and favorable response from Congress's top two Democratic leaders.

India whitewash shambolic Sri Lanka in ODI series
Kohli had point out that the visiting team will persist with the experiments which will be present players in the different roles. Shardul Thakur, Manish Pandey and Kuldeep Yadav will probably get another outing. "It is quite awesome to win the series 5-0".