Tronc cuts New York Daily News editorial staff in half
The New York Daily News announced that it would cut its editorial staff by half as part of a major restructuring to address “significant financial challenges” the Big Apple tabloid has faced for years.
The steep cuts come less than a year after the nearly century-old city institution was acquired by Chicago-based Tronc Inc. TRNC, -0.56% for $1 and the assumption of debt and pension liabilities. At the time, the deal gave the company a presence in the three largest media markets in the country. Since then, Tronc has undergone broad changes, including the sale of its former flagship publication, the Los Angeles Times, and the attempted exit of its leading shareholder, Michael Ferro.
In a memo to staff, the paper said the cutbacks were aimed at making the news operation more digitally focused with a greater emphasis on breaking news, particularly “crime, civil justice and public responsibility.”
The Daily News has struggled financially for years as readers and advertisers have moved away from print to online. In 2016, the Daily News reported a loss of $23.7 million, according to a regulatory filing Tronc made when closing the deal last November. The paper lost $29.1 million in 2015 and $37.6 million the year before, according to the filing.
An expanded version of this report appears on WSJ.com.
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