Late Monday, Tronc, the media company formerly known as Tribune Publishing, agreed to buy the storied New York tabloid the Daily News, reportedly for $1 — the cost of a copy of the Daily News — and will take on the newspaper's millions in debt. Real estate magnate Mortimer Zuckerman bought the Daily News in 1993 for $36 million, but has been exploring a sale in recent years as the internet and social media have eaten into newspaper profits and amid a costly rivalry with fellow New York tabloid the New York Post, controlled by Rupert Murdoch. Tronc, which publishes the Los Angeles Times and Chicago Tribune, will now own newspapers in each of the three biggest U.S. media markets.
The Daily News, long owned by the Tribune Company, has been very influential in New York City politics, sports, and gossip over its nearly 100-year run, often through its splashy front-page headlines, known as "the wood." Tuesday's Daily News noted its sale on the cover, but spent most of its front-page real estate on bigger fish.
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