Financial Losses
In September, Tronc bought the New York Daily News, agreeing to pay $1 and assume operational and pension liabilities. The Daily News gave Tronc larger national advertising opportunities and added to its stable of newspapers in large media markets, including Chicago.
Once the home of famed columnist Jimmy Breslin, the New York Daily News has long held a tabloid rivalry with the New York Post. The Daily News, founded in 1919 by Tribune Company, won its 11th Pulitzer Prize last year and has gained attention for its provocative covers critical of Donald Trump.
But like many of its peers, the Daily News has struggled financially. The paper lost about $90 million from 2014 to 2016, according to a regulatory filing in November.
On Sunday, Daily News columnist Harry Siegel wrote that there are “just a handful of reporters” left covering public housing, schools, transportation and courts in New York after years of cuts in local news.
“We know what happens when the state stops investing the time and money to maintain things in part because few reporters, their own industry hurting, are there to keep watch,” he wrote.
This article was provided by Bloomberg News.