Tribune Co. bought out its minority partner in amNewYork, a free tabloid started in 2003 to attract young readers, and said the paper will turn a profit this year.
Newsday, Tribune's Long Island-based tabloid, prints 320,000 copies of amNewYork, which is distributed Monday through Friday mainly to New York City subway and bus riders. Terms of the deal weren't disclosed by Chicago-based Tribune.
The minority stake was owned by a management group led by publisher and co-founder Russel Pergament. On Aug. 29, Tribune named Christopher Barnes, amNewYork's general manager and a co- founder, to replace Pergament. Several free papers similar to amNewYork have been started around the U.S. since 2002 by publishers including London-based Metro International SA.
``It is an effort to inculcate in younger people a newspaper reading habit with the hope they will eventually migrate to the mother paper,'' said John Morton, president of Morton Research, a newspaper consulting company.
Shares of Tribune, which also owns the Los Angeles Times and Chicago Tribune, fell 6 cents to close at $31.21. They've gained 3.1 percent this year.
In the statement, Tribune said amNewYork will be profitable this year.
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