Mort Zuckerman is actively considering selling the Daily News, he announced in a staff memo that went out today. Mr. Zuckerman, who bought the tabloid in 1993, said that he had hired financial advisory firm Lazard to explore the possibility.
“I have not come to this decision easily,” Mr. Zuckerman wrote. “But I believe the immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online.”
Full memo below:
I want to share with you a new development regarding the company.
A few weeks ago, we were approached about our potential interest in selling the Daily News. Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors. To help us with the process, I have retained Lazard, a leading financial advisory firm.
I have not come to this decision easily. But I believe the immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online.
I appreciate that this news is difficult for you to digest. But I want to reassure you that my aim throughout this process will be to do the right thing for the business to ensure the Daily News and its brilliant staff have the best opportunity to achieve all our future ambitions.