Mort Zuckerman has agreed to sell the New York Daily News to Tronc, the newspaper publisher previously known as Tribune.
The Daily News deal is set to be announced on Tuesday morning, a source familiar with the matter confirmed to CNNMoney.
The New York Times broke the news of the impending sale on Monday night.
In a sign of the perilous times for newspaper publishers, no cash will change hands, according to The Times: "Under the terms of the deal, Tronc would assume control of The News's operations, its printing plant in Jersey City and its pension liability."
The paper's pension liabilities are believed to be in the tens of millions of dollars.
The Daily News is a familiar sight on newsstands in New York and, thanks to its provocative covers, a familiar sight on social media far from the city.
For decades the paper was owned by Tribune, but it has been owned by Zuckerman, a real estate investor, since 1993.
Zuckerman, now 80, looked to sell the paper in 2015, but ultimately decided not to sell at that time.
He has faced many of the same publishing challenges as many other newspapers: dwindling sales in print amid a worldwide shift to digital formats.
The Daily News has invested in its web site, but is still primarily known for its tabloid front page, print features and sports coverage.
The Daily News's main newsstand rival, the New York Post, is owned by Rupert Murdoch.