Tronc Inc., owner of newspapers including the Los Angeles Times, Baltimore Sun and Chicago Tribune, agreed to pay $1 and assume pensions and liabilities for the New York Daily News and NYDailyNews.com to expand its digital business and add coverage of the biggest media market in the U.S.
Chicago-based Tronc assumed operational and pension liabilities for the New York Daily News in a deal that includes 100 per cent ownership of the New York newspaper’s printing facility in New Jersey, Tronc said in a statement late Monday. The pensions and liabilities Tronc is accepting under the deal total more than $100 million, according to people familiar with the matter, who asked not to be identified because financial terms are confidential.
Acquisition of the almost 100-year-old paper marks the highest-profile media deal for Tronc Chairman Michael Ferro, a former software entrepreneur and investor, since he bought into the company last year through his Merrick Ventures LLC. The newspaper group will now operate in 10 major U.S. markets and have more than 80 million unique monthly digital visitors, it said in the statement. (Bloomberg)
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