Newspapers reach tentative accords with last of 14 unions

Philadelphia Media Network Inc., the new owner of The Inquirer, the Philadelphia Daily News, and Philly.com, reached tentative agreements with the last of the company's 14 unions Friday.

"We are pleased to announce we have arrived at tentative agreements with 100 percent of our unions," Gregory J. Osberg, chief executive officer of Philadelphia Media, said Friday night.

The agreements with three Teamster locals now must be ratified by the unions' members. Ratification votes are scheduled Saturday, Sunday, and Monday. The largest of those locals, Teamsters 628, represents about 452 employees, including drivers, porters, and security guards.

The approval of those contracts by the company's unions will set the stage for a Tuesday completion of Philadelphia Media's purchase of The Inquirer, the Daily News, and Philly.com. Philadelphia Media is a collection of 16 financial institutions, including Angelo, Gordon & Co., Alden Global Capital, and CIT Group, that bought the company at auction in April for $139 million.

Final ratification of the contracts before Tuesday is critical to the closing of the sale.

Under the purchase agreement, Philadelphia Media Network can walk away from the deal if it does not reach contract agreements by the closing date. The company remains in bankruptcy until the closing.

"We are hoping the agreements will be ratified over the weekend so we can move forward and begin revitalizing this great company," Osberg said.