New York Daily News, tabloid NYC paper, may be up for sale
Feb. 26, 2015
NEW YORK (AP) — The New York Daily News may be up for sale.
Mort Zuckerman, the owner and publisher of the New York City tabloid newspaper, sent a memo to employees on Thursday that said he was approached about a potential sale a few weeks ago. The memo was sent to The Associated Press.
"Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors," Zuckerman wrote in the memo.
He has hired the financial advisory firm Lazard to help with the process.
Zuckerman did not say who the potential buyer is and his spokesman Tom Goodman had no comment beyond the memo.
The newspaper industry has been suffering for years from declining print circulation and advertising revenue, as readership and ad dollars have shifted online. While online advertising is growing at many newspapers, this is not always enough to make up for the print losses.
Zuckerman said that the "immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online."