The New York Sun Company LLC, a new entity under the leadership of Dovid Efune, announced on Wednesday that it has acquired The New York Sun newspaper and its related assets from longtime proprietor Seth Lipsky and his holding company.

In the cash and stock deal, the terms of which have not been disclosed, Mr. Lipsky will remain in the role of editor-in-chief and Mr. Efune will serve as publisher and chairman of the board. Advisor and partner Daniel Rosen will sit on the company’s board, as well.

The New York Sun Company will invest in developing the paper’s digital properties along with its much-admired coverage of politics, culture, and the arts. In its editorials, the Sun will pursue its focus on constitutionalism, equality under the law, and American values. Its main source of revenue will be from digital subscriptions and other membership dues.

“From the Civil War to the aftermath of the 9/11 terror attacks, the Sun has, for almost two centuries, helped guide Americans through troubled waters,” said Mr. Efune. “At this time of historic lows in public trust in journalistic institutions, and with the simultaneous fraying of our constitutional covenant, the Sun will shine for all.”

“We are proud and humbled by the opportunity to build on Mr. Lipsky’s legacy and achievements to bring the Sun’s principles-based journalism back to the center of the American political and cultural conversation.”

Mr. Lipsky said he “could not be more pleased” at the success of Messrs. Efune and Rosen in putting together the partnership to publish the Sun in the generation ahead.

“I am enormously grateful to the thousands of readers who have rallied to the Sun since its revival in 2002,” Mr. Lipsky said. “And I am looking forward to working with the brilliant team the new partnership has already begun to assemble.”

Founded in 1833 by Benjamin Day, the Sun has a long and storied history. Its post-Civil War editor, Charles Dana, made it one of the largest, and best, newspapers in the world. Shortly after the Civil War, it built — in secret — New York’s first subway.

In 1897, the Sun published, in “Yes, Virginia, There Is a Santa Claus,” what must be the most reprinted single piece of newspaper journalism. The Sun won a Pulitzer Prize in 1949 for an exposé of labor racketeering.

In 1950, the Sun was sold to Roy Howard and became part of The World Telegram & the Sun. In 2002, the Sun was resurrected by Mr. Lipsky and a partner, Ira Stoll. Under their leadership it published a weekday broadsheet until September 2008, winning accolades from across the political spectrum. Since that time, it has continued to publish regular editorials and op-ed contributions on its website.

Mr. Efune served for more than a decade as CEO and editor-in-chief of the New York-based Algemeiner Journal and now sits on the publication’s board. He’s been credited with transforming the Algemeiner from a Yiddish-language print publication into a major international newspaper covering Israel, the Middle East, and Jewish communities around the world.

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Image: Dovid Efune, chairman of The New York Sun Company LLC and publisher of the Sun, speaking at an event in New York.