The strikebound Daily News, once the nation's largest circulation newspaper, will be sold or shut down unless its "viability and profitability" can be assured, its publisher announced Wednesday.

Publisher James Hoge did not set any deadline and said the paper would continue to negotiate with its unions while an investment banking firm advised it on a possible sale.Citing chronic losses of more than $200 million over the last decade, Hoge said the News "will be unable to continue in business without a major change in current conditions."

At a news conference, Hoge said notices had been sent to all employees about the company's tentative decision to cease publication "in 60 days or thereabouts."