Publisher of two U.S. major newspapers has bought the New York Daily News, a tabloid that won a Pulitzer Prize this year but suffered declining circulation.
Tronc announced late Monday that it had 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.
Chicago-based Tronc, on the other hand, is the publisher of the Los Angeles Times and the Chicago Tribune.
Tronc CEO Justin Dearborn said the paper and its website "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, 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.