HOLLYWOOD—According to published reports, Tronc, publishers of newspapers including the Los Angeles Times and the Chicago Tribune is buying the New York Daily News. The future of the historic New York Daily News is reportedly out of Mortimer B. Zuckerman’s hands.
It is being reported that no cash will be exchanged, as Tronc has agreed to take on the News’s pension liability, reportedly worth more than $30 million. 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. The deal will reportedly be announced soon.
Back in 2015, Zuckerman 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. It was just last year that the paper shared the Pulitzer Prize with ProPublica for public service after an investigation revealed a systemic abuse of an obscure civil enforcement law that ousted shop owners from their business and residents from their homes.
The Daily News is not alone, the publisher of the Rolling Stone announced it has put its controlling stake in the magazine up for sale. The 50-year-old magazine which is best known for covering music and popular culture, yet has also featured political journalism and commentary. Founder Jan Wenner started the magazine in San Francisco in 1967 with music critic Ralph Gleason.
It has remained under the control of his company, Wenner Media, since then. Rolling Stone has been a staple of music commentary and US political life for decades. It’s also well known for its iconic front covers, which were for many years the ultimate symbol of a music act’s success and relevance. Everyone from musicians ranging from the Doors’ Jim Morrison to Madonna, Rolling Stones and Lady Gaga have graced the cover, as well as presidents, actors and even Popes.
The most famous was Annie Leibowitz’s photo of the Beatle lead singer John Lennon curled up next to his musician wife artist Yoko Ono. The cover became famous because John Lennon was murdered just hours after the picture was taken. Lately, the magazine has been facing a tougher business environment, as the entire publishing industry adapts to a more digitally engaged readership.
Don’t be fooled, the magazine still reached 60 million readers a month and its digital and social media footprint was growing rapidly. The company has already sold off its other titles such as Us Weekly and Men’s Journal to American Media, the publisher of the National Enquirer. As of press time, the company did not say if they are in talks with potential buyers. Singapore-based Bandlab Technologies also owns a 49 percent stake in the publication.
Us Weekly, who loves to publish celebrities in disguise, such as Jude Law, who has been caught trying to sneak into a cinema unnoticed. The Hollywood actor wore a hoodie when he turned up to the Odeon in Bath to watch Detroit on September 20. He was hoping to remain under the radar, however, a cinema attendant recognized him and managed to get a selfie. You might remember Khloe Kardashian, Kylie and Kendall Jenner who spent hours having a prosthetic make up done so they could avoid the paparazzi on a Hollywood tour bus.
Rose’s Scoop: Foo Fighters performed tracks from their brand new album Concrete & Gold, as well as a load of old indie rock n’ roll classics at their show London’s 02 Arena last night.