Billionaire real estate investor Mort Zuckerman, who also owns the New York Daily News and U.S. News and World Report, may have had enough of the newspaper.

He has hired Lazard to locate a buyer for the tabloid he purchased in 1993, and advisors representing him have contacted individuals in New York City and companies in the United States and Europe to see if they're interested, the Financial Times reports.

One source told the paper that talks are in an early stage and that a sale isn't a sure thing. Zuckerman and Lazard declined to comment to the FT.

Zuckerman did issue a memo to Daily News staff about the issue that was obtained by the FT.

"A few weeks ago, we were approached about our potential interest in selling the Daily News. 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

"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."

The newspaper business has hit the skids over the past 15 years, thanks to the growth of the Internet, which allows readers access to plenty of free news content. That has sucked away newspapers' circulation and advertising revenue.

The situation is particularly precarious in New York City, which has three papers competing for a broad audience — the News, the New York Post and The New York Times. That compares to one or two papers in most other big cities.

To be sure, this doesn't mean that all is hopeless in the newspaper industry. "Many newspapers remain profitable, . . . and the industry, despite its highly publicized woes, remains a $35 billion business," writes Rem Rieder of USA Today.

"As Rick Edmonds, who keeps tabs on media economics for the Poynter Institute, says, 'There's a big difference between diminished and dead.'"

Related Stories:

• Carlos Slim Becomes Top NY Times Shareholder
• Billionaires Are Snapping Up Newspapers
• Mort Zuckerman: Lower Corporate Tax Rate and Restrict Inversions