In a stunning and bold bet on the future of newspapers, Tronc, the parent company of the Los Angeles Times, has acquired the New York Daily News.
The deal for the tabloid, which includes the Daily News' website and other assets, has been in the works for some months and was finalized Sunday. The deal carries a price tag of $1 and the assumption of operational and pension liabilities.
"We think this is a great deal for the paper and for us," said Justin Dearborn, Tronc's chief executive. "We expect it to benefit greatly from becoming part of the Tronc ecosystem."
Tronc, formerly known as Tribune Publishing, has been actively engaged in high-profile...