Virginian-Pilot sold to tronc for $34 million
The Virginian-Pilot (Norfolk, Va.) has been sold to tronc, formerly known as Tribune Publishing. It also owns the Daily Press of Newport News.
The cash purchase price was $34 million.
"From its founding in 1865, The Virginian-Pilot has a long history of commitment to journalism. We are thrilled to welcome The Virginian-Pilot to the tronc portfolio," said Justin Dearborn, tronc chairman and CEO, in a statement. "The inclusion of The Virginian-Pilot further strengthens our presence in the region and renews our commitment to our longstanding tradition of journalistic excellence."
"In order to most effectively continue its important work, The Virginian-Pilot must have the benefit of the resources of a large organization," said Rusty Friddell, general counsel of Landmark Media Enterprises, former owners of the Pilot. "Tronc brings the scale and commitment to best serve our important mission."
The acquisition includes subsidiary publications, such as Inside Business and Style Weekly. It also includes The Pilot's downtown Norfolk headquarters and printing plant in Virginia Beach.