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The Wall Street Journal: Tronc cuts New York Daily News editorial staff in half

The New York Daily News announced that it would cut its editorial staff by half as part of a major restructuring to address “significant financial challenges” the Big Apple tabloid has faced for years.

The steep cuts come less than a year after the nearly century-old city institution was acquired by Chicago-based Tronc Inc. TRNC, -0.56% for $1 and the assumption of debt and pension liabilities. At the time, the deal gave the company a presence in the three largest media markets in the country. Since then, Tronc has undergone broad changes, including the sale of its former flagship publication, the Los Angeles Times, and the attempted exit of its leading shareholder, Michael Ferro.

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