Chicago-based Tronc (TRNC) , which owns the Chicago Tribune and Los Angeles Times among other newspapers, announced Monday that it was purchasing New York's Daily News.

The Daily News, which has been owned by real estate developer Mort Zuckerman since 1993, was acquired by Tronc for just $1, plus the assumption of liabilities, according to the Tribune.

"The New York Daily News is a venerable New York City institution," Eric Gertler, the co-publisher of The News, said in a statement. "We believe that under Tronc's leadership, The New York Daily News will maintain its tradition of excellence in journalism and continue to be a critical voice for millions of print and online readers."

Zuckerman paid $36 million for the Daily News.

As part of the deal Tronc will take control of the Daily News' printing facility in Jersey City, N.J., and will be responsible for its pension liabilities.

(This article has been updated.)

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