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Mort Zuckerman Exploring Sale of the NY Daily News

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Mort Zuckerman became owner of the Daily News in 1993

Mort Zuckerman is looking into the possible sale of the Daily News, with the help of financial advisory firm Lazard.

The Daily News was founded in 1919 and was the first U.S. Daily News to be printed in tabloid format. It is the fourth most widely circulated daily newspaper in the United States. Zuckerman acquired the paper in 1993.

In an email to staff on Thursday February 26, Zuckerman wrote that he had not been considering an imminent sale of the paper, but since he was approached several weeks ago, he has further explored the option and his mind has changed.

He wrote, “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.”

Along with many other print publications, the Daily News, has experienced a steep decline in recent years, in print circulation and advertising. Repeated downsizing and layoffs have resulted from this. According to Capital, “Just a few weeks ago, the News announced that it would be shuttering its bureaus in the outer boroughs, a move that will save them money on real estate.”

On the other hand, significant growth in web traffic has increased over the last few years, as the publication covered more non-local news that would attract national advertisers.

A possible buyer for the tabloid is News Corp. chairman Rupert Murdoch, owner of the paper’s rival, the New York Post. For years there have been rumors circulating about a partnering between News Corp. and the Daily News, but nothing ever materialized.

The following is the full email Zuckerman sent to his employees:

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

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