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Get The Times of Israel's Daily Edition by email and never miss our top stories Free Sign Up The big question will be whether the company can find a way to make the newspaper lucrative again.
The Daily News won a Pulitzer Prize this year but has suffered through rounds of layoffs and declining circulation.
The Daily News also grappled with a muscular hometown tabloid rival, the News Corp.-owned New York Post.
Zuckerman eyed selling the Daily News in 2015 but ultimately took it off the market.
Tronc – which evolved from Daily News founder the Tribune Co.
— gets a presence in the New York media market, a news site with about 25 million unique monthly visitors and other assets.
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Under the terms of the deal, Tronc said it assumed the Daily News’ operational and pension liabilities and got 100 percent ownership of its Jersey City, New Jersey, printing plant and a 49.9 percent interest in the plant’s 25-acre (10-hectare) property, which overlooks the Manhattan skyline.
With the deal, News Editor-in-Chief Arthur Browne was also named publisher, though he plans to retire at the end of the year.
Tronc CEO Justin Dearborn said acquiring the paper and its popular website would “provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers,” and both Tronc and Daily News executives said the company would maintain the quality of the paper’s journalism.
“Over the past near-century, the New York Daily News has served New York City and its surrounding areas with its award-winning journalism and helped shape the dynamics of the city,” the outgoing News owner, Mort Zuckerman, said in a release.