Media company Tronc Inc, which owns the Chicago Tribune and the Los Angeles Times, said it acquired the New York Daily News from media and property mogul Mort Zuckerman. Tronc is taking on operational and pension liabilities (which may come to $30M), which it plans to meet from Daily News cash flow.
Browne, who previously indicated his intention to retire from the paper, has agreed to stay until the end of 2017 and will report to Tronc President Timothy Knight.
The New York Daily News has been sold for $1 to newspaper publisher Tronc, in a move that's been called both "bold" and a "sign of perilous times" for newspapers and the people who run them.
The latest owner, real estate billionaire Mortimer Zuckerman, purchased the daily in 1993. "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".
Trump - for his part - is a known fan of the Daily News' chief rival, The New York Post.
Under the terms of the deal Tronc will also assume $30m in liabilities associated with the paper which it itself founded in 1919, bringing its ownership full circle.
David notes that Tronc also owns large regional papers in Baltimore, South Florida and Hartford, among others.
Though a Big Apple staple for nearly a century, the Daily News has been buffeted by larger negative industry trends, including declining ad revenues and the fact that millennials don't know how to read a physical newspaper.
For this transaction, Methuselah Advisors acted as Daily News, L.P.'s exclusive financial advisor and Simpson Thacher & Bartlett LLP served as the corporate counsel.
Under Ferro, Tronc has pursued an aggressive strategy of deal-making. The paper is losing close to $30 million a year as it continues to struggle with advertising and dwindling circulation, the New York Post reported.