By JEREMY MCKAYThe deal to buy the New Yorker newspaper from The New York Post will go through in mid-October, the day after the US President’s State of the Union address, according to sources familiar with the matter.
It is not clear what the terms of the deal are, but a New York representative confirmed that it would be for the print edition of the newspaper, which is a major selling point for advertisers.
The New Yorker will be rebranded as the Times and its offices will be moved to a new site in Manhattan’s Lower East Side, which will be open to the public.
The newspaper is owned by the Rupert Murdoch family.
In December, a Reuters report said that Mr Trump was seeking a deal worth $1bn to acquire the newspaper and its news division from the New Yorkers, which could include a significant increase in the value of the paper’s stock.
The deal would also mean a significant cut to the New America Group, a joint venture between the Murdochs and New York’s publishing houses.
A source familiar with Mr Trump’s plans confirmed that he was not looking to make any big changes to the newspaper or its newsrooms.
The Murdochs are in talks to sell the New England Journal-Constitution, which has been the flagship publication for the company for more than 40 years.
However, a source familiar in the Murdoch family’s dealings with the Trump administration said the President had not yet signed any new agreements with the Murdoch companies.
“There is no new deal,” the source said.
“He’s still negotiating with them.”
The Times said in a statement that it was “very excited” about the sale of the New Jersey-based newspaper.
“We have been in discussions with Mr. Trump for years about how best to combine our newsprint operations with our print operation, and the President has agreed to pursue such a collaboration,” the statement said.
A spokesperson for the Trump campaign said that the President would be making a decision on whether to retain the New American Group’s print operation by mid-November.
“As the President said during the campaign, he wants to create an environment that is open, free and fair for journalists to do their jobs, and we’re excited about what he’s going to announce on this front in the coming weeks,” spokeswoman Hope Hicks said.
The president’s team has previously said that he would prefer to keep the NewAmerica group, which includes The New Yorker, if he retained the newspaper.
The purchase of the print newspaper, the Times’ biggest revenue source, would give Mr Trump a new opportunity to control the newsprint and newsprint production of the entire country’s newspapers.
The Times is the only US daily to be bought out by Rupert Murdoch, the founder of 21st Century Fox and News Corp. Mr Trump has repeatedly questioned the wisdom of buying out the newspaper’s owners.
Last year, Mr Trump said he would be prepared to accept a $1 billion price for the Times, which he described as “the best paper in the world”.
“I’d be willing to pay $1,200 or more for it,” he said.
He has repeatedly said that newspapers should not be owned by “a bunch of tyrants” who “pay you to run your newspaper”.
The deal would create a huge opportunity for Mr Trump to control what the newspapers are told to cover, the sources said.
The Trump team had not disclosed how much the deal would be worth to Mr Trump, but the sources speculated it would run into the millions.
The sale of a major US newspaper is expected to be seen as a boost for Mr Murdoch’s media empire.
The Murdochs have not been shy about their ambitions to become a dominant force in US media, as they seek to make the world a more competitive place.
The Trump team is also expected to announce a number of executive appointments to the White House staff over the next few weeks.
The newspaper’s future is expected be a focus of speculation around the president’s next move in the media business.
Last year, President Trump appointed a top executive at Time Warner as his White House communications director.
A spokesman for the Whitehouse said that was “a good appointment”, but added that it could not discuss “any specific personnel matters”.