Tronc Inc. (NASDAQ: TRNC) acquired New York Daily Times, adding it to the group that also owns the Chicago Tribune and Los Angeles Times.
Tronc agreed to terms to pay $1 and the assumption of all operational and pension liabilities for New York Daily Times, according to the Chicago Tribune. This will give Tronc complete ownership of the newspaper company. The liabilities Tronc is taking over total more than $100 million, according to sources familiar with the deal.
The deal comes as Tronc’s largest newspaper, the L.A. Times, undergoes a management shakeup after ousting four top editors last month, according to Bloomberg.
With Tronc’s acquisition of the New York Daily Times, it grows the newspaper media company even bigger as the company already owns the Chicago Tribune and Los Angeles Times. Now, this deal places Tronc as one of the top media companies and also giving the company a media presence in New York.
Tronc CEO Justin Dearborn said the acquisition would "provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers."
"We are not finished and are determined to continue to be active in the mergers and acquisitions market," Dearborn said. "We are opportunistic and you will likely see more digitally focused acquisitions. This was just such a great opportunity. Good timing. Good chemistry."