Owner pulls Daily News off market
While attacking some ‘suitors’ paper fails to find a buyer in an environment where selling money losing newspaper properties will not attract other newspaper companies
The owner of the New York Daily News today sent out a memo staff telling them their newspaper was no longer for sale. The memo gives no clue to who was looking at the paper, why they didn’t buy, and what the future may hold. But then again, who can tell.
“As you know, several months ago I announced exploring the sale of the Daily News,” Zuckerman said in the memo obtained by AdWeek. “I have met with several potential interested and well-intentioned suitors during this process. For a variety of reasons, I have decided to withdraw the Daily News from the market and have instructed our financial advisors to inform the suitors.”
The logical buyer for the paper would have not been another newspaper company – the Daily News has been losing money for years, so who needs the headache of adding more losses to one’s balance sheet. But a better target would have been someone seeking influence in NYC. But lingering costs more than likely would have caused even the most ambitious of individual to look twice at such an investment.
“Moving forward, you all know that the media landscape is challenging and fast-moving,” Zuckerman wrote. “The national and local digital footprint that you have established is extremely impressive and will play an ever-increasing part in our future business development plans. We have further sharpened our focus on how best to move the business forward in this new digital era.”