In a memorandum to his news staff, owner of the Daily News, Mortimer Zuckerman mentioned that he was approached about selling the legendary newspaper which he has run since 1993.
According to the New York Times, Zuckerman said, “Although there are no immediate plans to consider a sale, we thought it would be prudent to explore the possibility.” He has retained the firm Lazard in an advisory role. The sobering announcement comes at a time when print circulation for tabloids are down and ad revenues are waning. The gossip, commentary on happenings in New York and compromising photos can be accessed online for free. The Daily News, like many publications, has to shutter several bureaus in New York to save money.
Zuckerman added, “I have not come to this decision easily, ” and said, “the immense hard work in turning the business around in an extremely challenging period for the industry” had put it in a strong position. There were rumors that Rupert Murdoch was the one who made the offer to buy the Daily News, but sources close to the matter denied this.