May 29, 2018

Tronc acquires The Virginian-Pilot for $34 million

Photo by Library of Congress/Corbis/VCG via Getty Images

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.

  • Tronc is buying The Virginian-Pilot newspaper from Landmark Media Enterprises for a cash purchase price of $34 million, subject to customary closing conditions, the company said in a statement.
  • With the transaction, Tronc also acquired The Virginian-Pilot’s real estate portfolio, including its headquarters in downtown Norfolk, its printing and distribution facilities in Virginia Beach and a number of satellite offices in Norfolk and North Carolina. It also gets the paper's subsidiary publications: Inside Business and Style Weekly.
  • "In order to most effectively continue its important work, The Virginian-Pilot must have the benefit of the resources of a large organization,” said Rusty Friddell, general counsel of Landmark Media Enterprises in a Virginian-Pilot article about the purchase. “Tronc brings the scale and commitment to best serve our important mission."

Go deeper: Tronc, which was formally called Tribune Publishing, changed its name in 2016 to reflect its foray into digital publishing. But ever since, it's experienced a range of messy management and financial issues.

Go deeper

Coronavirus updates: Market ends worst week since financial crisis

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The stock market ended its worst week since the financial crisis, prompting the Fed to release a statement. Meanwhile, the WHO warned that countries are losing their chance to contain the novel coronavirus and raised its global risk assessment to "very high" Friday.

The big picture: COVID-19 has killed more than 2,860 people and infected more than 84,000 others in over 60 countries and territories outside the epicenter in mainland China. The number of new cases reported outside China now exceed those inside the country.

Go deeperArrowUpdated 55 mins ago - Health

California coronavirus: Latest case has no recent history of international travel

Gov. Gavin Newsom. Photo: Kevork Djansezian/Getty Images

A new case of the novel coronavirus in California was announced on Friday after Gov. Gavin Newsom said Thursday that 33 people had tested positive for the virus, noting the risk to the public remains low.

What's new: An adult woman with chronic health conditions in Santa Clara County who "did not recently travel overseas" or come into contact with anyone known to be ill was confirmed to have contracted the coronavirus on Friday by CDC and California Department of Public Health officials.

Go deeperArrowUpdated 1 hour ago - Health

Big video game conference delayed amid coronavirus concerns

Photo: GDC

Next month's Game Developers Conference in San Francisco became the latest tech event to be cancelled or postponed amid growing concerns over the spread of the novel coronavirus.

The big picture: A growing number of events are being scrapped, including Mobile World Congress and Facebook's F8 developer conference. Some, like the giant SXSW event in Austin, insist they are moving forward.