Tronc acquires The Virginian-Pilot for $34 million

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Newspaper conglomerate Tronc, which owns a plethora of local American newspapers like The Los Angeles Times and The Chicago Tribune, has purchased Norfolk's Virginian-Pilot, Virginia's largest newspaper, for $34 million.

Why it matters: It is another example of a local newspaper being bought up by a larger conglomerate or holding company in the wake of a difficult economic climate for the newspaper and local news publishing industries.