The New York Daily News, a tabloid that once boasted one of the highest daily circulations in the nation, has been sold to tronc, the Chicago-based former Tribune Publishing company, the companies said Monday night.
As NPR's David Folkenflik reports: "The Daily News, much like Tronc itself, is much diminished and has struggled to secure a firm financial footing".
Zuckerman, a major pro-Israel donor, has charted a mostly liberal editorial line at the paper since buying it more than two decades ago.
Zuckerman previously put the newspaper up for sale in 2015 and was in talks with several wealthy businessmen, including supermarket billionaire John A. Catsimatidis; the owner of the politics-focused publication The Hill, Jimmy Finkelstein; and the real estate investor Steven C. Witkoff. And like the rest of the newspaper industry, The News has been battered and bruised by the internet age, when the equivalent of pithy headlines - a staple of The News - come a mile a minute on Twitter.
Tronc executives also said they would look to implement the ARC publishing system it has licensed from The Washington Post at the Daily News after it finishes putting it into effect it in other cities.
The Post writes: "In the past few years, the paper's staff has gone through layoffs and buyouts".
Its daily circulation once exceeded 2 million in the 1940s, according to the Times, which added that the paper's circulation numbers are now in the "low hundred thousands". "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".
As part of the deal Tronc will take control of the Daily News' printing facility in Jersey City, N.J., and will be responsible for its pension liabilities.
CNN's Brian Stelter described the acquisition as a "sign of the perilous times for newspaper publishers" while Tronc's Chicago Tribune called the takeover a "stunning and bold bet on the future of newspapers".
Under Ferro, Tronc has pursued an aggressive strategy of deal-making.
"The Sun-Times deal in no way changed our plans".