“For a variety of reasons, I have decided to withdraw the Daily News from the market,” owner Mort Zuckerman writes
Mort Zuckerman has taken the New York Daily News off the sales block.
In a staff memo obtained by Fishbowl NY, the paper’s owner announced it is no longer for sale, but gave no details for the change of heart.
“For a variety of reasons, I have decided to withdraw the Daily News from the market,” he wrote.
Zuckerman, who bought the paper in 1993, spoke with several potential suitors, but couldn’t strike a deal. A Daily News insider told TheWrap the paper has had more turnover than usual lately, which is significant considering it’s known as a high-turnover operation.
Read Zuckerman’s full memo below.
As you know, several months ago I announced exploring the sale of the Daily News. 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.
As I have repeatedly expressed, I have always believed that the Daily News, with its powerful influence in New York City and growing digital operation, is a business with enormous potential.
Moving forward, you all know that the media landscape is challenging and fast-moving. 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.
I believe in the Daily News, and with our outstanding and creative executive and editorial teams, we have the leadership, drive and energy to realize the ambitions of this great New York City institution.