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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

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
3 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

4 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.