(Reuters) - New York media and real estate magnate Mortimer Zuckerman is considering selling the New York Daily News, according to a memo obtained by Reuters.
Zuckerman said in the memo dated Feb. 26 he was approached about his interest in selling the tabloid. He did not name the individual or party.
"Although there were no immediate plans to consider a sale, we thought it would be prudent to explore the possibility and talk to potential buyers and/or investors," he wrote in the memo to staff.
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The paper retained Lazard to help with the process.
"I have not come to this decision easily. But I believe the immense hard work in turning the business around in an extremely challenging period for the industry, has put the Daily News in as strong a position than it has ever been, particularly online," he wrote.
A Daily News representative did not immediately return a request seeking comment.
There has been speculation about a sale for years, particularly as the industry continues to be challenged by declining readership and plunging advertising revenue.
Its crosstown rival, the New York Post, is owned by Rupert Murdoch's News Corp.
Zuckerman is co-founder, executive chairman and former chief executive officer of Boston Properties Inc, a real estate investment trust.
(Reporting by Jennifer Saba in New York; Editing by Jeffrey Benkoe)