 |
Chicago-based tronc Inc., which acquired the New York Daily News from real estate investor Mort Zuckerman for $1 in 2017, is axing the tabloid’s editorial staff by 50 percent in what it calls a restructuring move.
“We are re-focusing our talent on breaking news, especially in the areas of crime, civil justice and public responsibility,” said a statement from tronc.
Jim Rich, editor-in-chief, is among the cutbacks. Robert York, e-i-c of tronc’s Morning Call in Allentown, will replace Rich on July 30.
Tronc says the cutbacks “reflect the realities of our business and the need to adapt to an ever-changing media environment.”
In welcoming the Daily News to its roster, tronc pitched it as “another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers.”
Tronc acquired the Virginian-Pilot in May and closed on the sale of the Los Angeles Times and San Diego Times Union-Tribune in July.
It still owns the Chicago Tribune, Baltimore Sun, Hartford Courant, Orlando Sentinel, Sun-Sentinel and Daily Press (Virginia).
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
Have a comment? Send it to 
No comments have been submitted for this story yet.