US print and online media publishing company Tronc, which owns the Chicago Tribune and Los Angeles Times, has expanded its media footprint with the acquisition of the New York Daily News from publishing mogul Mort Zuckerman.

Tronc paid $1 in cash plus the assumption of liabilities for the tabloid newspaper and its printing plant in Jersey City, New Jersey, reports Reuters. Funnily enough, Tronc’s Tribune Publishing predecessor actually founded the Daily News back in 1919, so its ownership has come full circle.

Chicago-based Tronc will assume the Daily News’ $26.5m in pension obligations, as well as around $35m in insurance and workers’ compensation liabilities.

The publishing company was keen to pick up NY Daily News because of the 25m unique monthly visitors which land on its website, which will increase Tronc’s digital presence. Tronc’s current line up drew 55m average monthly unique visitors in the second quarter.

In addition to acquiring NY Daily news from Zuckerman, Tronc will also buy a 49.9 per cent interest in a joint venture with the mogul that will own the 25-acre piece of land where the Daily News printing facility is located.