Tronc buys famed 98-year-old newspaper for only $1

Tronc, the parent company of the Chicago Tribune, announced Tuesday that it had purchased the iconic New York Daily News newspaper for $1.

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Although the exact the financial details have yet to be made public, Tronc was able to buy the newspaper for less than the cost of one copy of its Sunday edition, which is priced at $1.50 at newsstands. Tronc will assume all the operational and pension liabilities.

Tronc was formed last June as a rebranding of Tribune Publishing and operates newsrooms in 10 regions of the country. The Los Angeles Times, The Baltimore Sun and Orlando Sentinel are all part of its media portfolio.

“We are excited to welcome the New York Daily News team to the Tronc family, and we look forward to working with them to serve new audiences and marketers while delivering value for our shareholders,” Tronc CEO Justin Dearborn said in a statement.

“As part of the Tronc portfolio, the New York Daily News will provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers.”

Founded in 1919, the New York Daily News is a favorite among subway commuters in the city. The paper has won 11 Pulitzer prizes during its near century of operations.

Circulation peaked back in 1947, when the company sold an average of 2.4 million copies every weekday and 4.7 million copies on Sunday. This year, circulation averages about 200,000 copies daily and 260,000 copies on Sunday, still making it the ninth most popular daily paper in the United States.

“The media world is undergoing a revolutionary transformation, from the local print distribution of the 20th century to the global online distribution of the 21st century,” New York Daily News co-publisher Eric Gertler, who will step down from his position following the sale, wrote in a letter to readers.

“Still, perhaps more than ever, the public needs a multiplicity of voices that have earned the trust of their audiences. Invaluably, the Daily News is blessed with such trust and will continue to honor it with reporting aimed at protecting the best interests of its millions of local and global readers.”