Tronc Buys The Virginian-Pilot for $34 Million in Cash
Despite reporting a first quarter loss of $14.8 million earlier this month, Tronc (NASDAQ: TRNC) went on a spending spree this week, purchasing The Virginian-Pilot Media Companies, LLC including The Virginian-Pilot, Virginia’s largest daily newspaper, for $34 million in cash from Landmark Media Enterprises. The newspaper was founded in 1865 and has Sunday circulation of about 132,000, at the end of 2017. The acquisition also includes PilotOnline.com which had 1.9 monthly unique visitors in March 2018, Pilot Targeted Media and The Virginian-Pilot’s real estate portfolio which include its Norfolk headquarters, its printing and distribution facilities in Virginia Beach and satellite offices in Norfolk and North Carolina.
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