February 26, 2015

Mort Zuckerman, the billionaire owner of the New York Daily News, said in a memo to employees Thursday he has retained a financial advisory firm to explore selling the newspaper.

In the memo, Zuckerman says he was approached by a buyer asking whether he would consider selling the paper. He said there were “no immediate plans” on the table, but he “thought it would be prudent to explore the possibility” of a sale.

In 1992, Zuckerman, who also owns U.S. News & World Report, agreed to purchase the the New York Daily News for $18 million. He purchased the paper, which was then bankrupt, in 1993 for $36.3 million.

The New York Daily News claims a daily circulation of 338,944, the seventh-largest circulation of all newspapers in the United States. Its average Sunday circulation is 410,839.

Here’s the memo:

I want to share with you a new development regarding the company.

A few weeks ago, we were approached about our potential interest in selling the Daily News. 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. To help us with the process, I have retained Lazard, a leading financial advisory firm.

I have not come to this decision easily. But I believe 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.

I appreciate that this news is difficult for you to digest. But I want to reassure you that my aim throughout this process will be to do the right thing for the business to ensure the Daily News and its brilliant staff have the best opportunity to achieve all our future ambitions.

Mort

Support high-integrity, independent journalism that serves democracy. Make a gift to Poynter today. The Poynter Institute is a nonpartisan, nonprofit organization, and your gift helps us make good journalism better.
Donate
Tags:
Benjamin Mullin is the managing editor of Poynter.org. He previously reported for Poynter as a staff writer, Google Journalism Fellow and Naughton Fellow, covering journalism…
More by Benjamin Mullin

More News

Back to News

Comments

Comments are closed.