Mort Zuckerman, who bought the New York Daily News in 1993, is considering the sale of the paper.
The billionaire real estate titan has hired investment banker Lazard to shop the paper.
While there are no immediate plans to unload the News, Zuckerman said a potential buyer recently approached him.
He now feels it's "prudent to explore the possibility and talk to potential buyers and/or investors," according to Zuckerman's memo to staffers.
Zuckerman wrote, "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.”
The News reported 558K average circulation for the period ended Sept. 30, according to the Alliance for Audited Media.
Zuckerman bought the paper out of bankruptcy following the death of previous owner Robert Maxwell.
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