Tribune Publishing, a division of Tribune Company (NYSE:TRB), today announced that it has acquired the minority equity interest in amNewYork. Tribune now has full ownership in the free quick-read daily newspaper that launched in October 2003. Terms of the transaction were not disclosed.
“This move demonstrates our commitment to investing in high-growth publications and will build Tribune’s position in the nation’s top market,” said Scott Smith, Tribune Publishing president. “Readership for amNewYork is strong, and we expect the newspaper to be profitable in 2006 thanks to excellent advertiser support.”
The minority equity interest acquired was held by a management group led by amNewYork co-founder Russel Pergament. Under the agreement signed in 2003, Tribune had rights to purchase the additional interest after three years.
Christopher Barnes, amNewYork general manager and co-founder, becomes publisher, succeeding Pergament, who, as anticipated, will transition to a consulting role.
Approximately 320,000 copies of amNewYork are distributed free of charge Monday through Friday in and around New York City. The newspaper, available online at www.amny.com, is printed by Long Island-based Newsday.