By: E&P Staff The Tribune Co. has announced it acquired the minority interest in the free tabloid amNew York from co-founder and former publisher Russel Pergament.
?This move demonstrates our commitment to investing in high-growth publications and will build Tribune?s position in the nation?s top market,? Scott Smith, president of Tribune Publishing, said in a statement. ?Readership for amNew York is strong, and we expect the newspaper to be profitable in 2006 thanks to excellent advertiser support.?
A management group led by Pergament held the minority interested in amNew York. When the paper was launched in 2003, Tribune had the option to purchase the interest after three years.
Terms of the transaction were not disclosed. Tribune now owns 100% of the paper.
Pergament left his role as publisher on Tuesday but will continue to consult for the paper. He is succeeded by General Manager and co-founder Christopher Barnes.
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