January 8, 1993 |
Publisher Mortimer Zuckerman on Thursday completed his purchase of the Daily News, the troubled tabloid that was once the country's largest newspaper but was brought to near extinction by financial troubles. Zuckerman, a multimillionaire real-estate developer and magazine publisher, signed the $36.3-million transaction late Thursday and was to formally assume ownership today, said his spokeswoman, Sherrie Rollins.
October 27, 1992 |
A federal bankruptcy judge took a step Monday toward preserving New York City as a four-newspaper town, approving the sale of New York's Daily News to real estate developer and publisher Mortimer B. Zuckerman. U.S. Bankruptcy Judge Tina L. Brozman approved Zuckerman's $36.3-million bid for the News, which has been in bankruptcy proceedings since shortly after the death last year of British press baron Robert Maxwell.
October 26, 1992 |
Mortimer Zuckerman will abandon his bid to buy the Daily News if he is forced to accept lifetime job guarantees for a union he believes is obsolete, lawyers say. "If this court refuses to reject the contract, the purchaser walks," said News lawyer Willis Goldsmith. A judge is scheduled to rule today on the validity of the New York Typographical Union's contract. The latest labor dispute comes exactly two years after a crippling strike began at the New York tabloid on Oct. 25, 1990. U.S.
September 18, 1992 |
U.S. News & World Report owner Mortimer Zuckerman moved a step closer to buying the bankrupt Daily News on Thursday, agreeing in principle to pay $18 million for the tabloid. Zuckerman has also agreed to assume about $8 million in other obligations and to provide a $3-million bridge loan to avert a cash crisis at the newspaper. Bankruptcy Judge Tina Brozman will decide at a hearing next Wednesday whether to give Zuckerman the go-ahead on the deal.
September 14, 1992 |
Suitors Lining Up for Daily News: Two parties interested in bidding for the New York tabloid told a bankruptcy judge that they both expect to win the unions' and the creditors' support for their offers by Thursday. Mortimer Zuckerman, publisher of U.S. News and World Report, and a group of New York investors, who would buy the paper with the unions, told federal bankruptcy judge Tina Brozman that they are close to receiving support for their offers.
August 17, 1992 |
The Daily News' future owner could be decided today, either by the unions and creditors or by a bankruptcy court judge. U.S. World & News Report Publisher Mortimer Zuckerman and Canadian press baron Conrad Black have been bidding for the debt-ridden paper since spring. But despite numerous deadlines, an agreement with either has remained elusive. All parties are scheduled to appear in U.S.