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California and the West

Tribune Buys AmNewYork

September 01, 2006|From Reuters

Tribune Co. said Thursday that it had acquired full control of amNewYork after buying out the free daily newspaper's management group led by co-founder Russel Pergament.

Chicago-based Tribune -- which also owns the Los Angeles Times and other newspapers -- didn't disclose financial terms of the deal. A company spokesman declined to say what percentage Tribune previously owned, but said it was more than 50%.

AmNewYork competes with Metro, a free daily offered by British-based Metro International. Metro International also publishes U.S. editions in Boston and Philadelphia.

Several newspaper publishers have started free dailies in the U.S. to attract more readers and advertising dollars as paid circulation in their core newspapers declines.

Among them are the Washington Post Co.'s Express and Belo Corp.'s Quick, which complements its paid daily paper the Dallas Morning News.

Tribune said it expected amNewYork, which was launched in October 2003, to be profitable in 2006. It said about 320,000 copies of amNewYork are distributed free Monday through Friday in and around the city.

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