Tronc has bought The Virginian-Pilot Media Companies, including TheVirginian-Pilot, PilotOnline.com, and Pilot Targeted Media, from Landmark Media Enterprises, tronc announced May 29. The cash purchase price was $34 million.
The Virginian-Pilot is the largest daily paper in Virginia.
As part of the transaction, tronc also acquired The Virginian-Pilot’s real estate portfolio (approximately 460,000 square feet), including its headquarters in downtown Norfolk, its printing and distribution facilities in Virginia Beach and a number of satellite offices in Norfolk and North Carolina.
"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. The inclusion of The Virginian-Pilot strengthens our presence in the region and renews our commitment to our longstanding tradition of journalistic excellence," said Justin Dearborn, tronc chairman and CEO.
"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, executive vice president and general counsel of Landmark Media Enterprises. "Tronc brings the scale and commitment to best serve our important mission," Friddell said.