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Tronc buys New York Daily News

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The publisher of The Los Angeles Times and The Chicago Tribune is adding another paper to its portfolio.

Tronc agreed to buy New York Daily News for just $1. However, it also assumes all of the tabloid's liabilities.

Real estate magnate Mortimer Zuckerman bought the paper in 1993 for $36 million. The paper since has faced layoffs as subscription levels have faltered.

Read more from The New York Times.

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