The parent company of the Chicago Tribune and Los Angeles Times has acquired the New York Daily News from real estate tycoon Mort Zuckerman for reportedly $1 plus assumption of liabilities.

Justin DearbornJustin Dearborn

"The New York Daily News will provide us with another strategic platform for growing our digital business, expanding our reach and broadening our services for advertisers and marketers,” said Justin Dearborn, CEO of tronc, Inc., successor company to Chicago's Tribune Co. that founded the News in 1919,

He noted that the addition of New York's "Hometown Paper," which through its website attracts more than 25M unique monthly visitors, gives tronc coverage in the nation's Top Ten markets.

Arthur Browne, editor-in-chief of the News, also has been named publisher to succeed Zuckerman, owner since 1993, through the end of the year. He will report to tronc president Timothy Knight.

The transaction includes 100% ownership of the New York Daily News’ printing facility in Jersey City, New Jersey.

As part of the deal, tronc will acquire a 49.9% interest in a joint venture with Zuckerman-related entities that will own the 25-acre parcel of land in New Jersey on which the printing facility is located.