The strikebound Daily News, once the nation’s largest circulation newspaper, will be sold or shut down unless its “viability and profitability” can be assured, its publisher announced today.
Publisher James Hoge did not set any deadline and said the paper will continue to negotiate with its unions while an investment banking firm advises it on a possible sale.
Citing chronic losses of more than $200 million over the last decade, Hoge said the News “will be unable to continue in business without a major change in current conditions.”
Hoge said notices had been sent to all employees about the company’s tentative decision to cease publication “in 60 days or thereabouts.” But he stressed that 60 days was not a firm timetable but merely meets a federal law requiring at least that much notice to employees before a plant is closed.
George McDonald, president of the Allied Printing Trades Council, the umbrella group for 2,100 striking News employees, said he would welcome a sale of the News. “I think a new manager is just what we need at the Daily News.”