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Thursday, August 20, 2009
Local investors bid to own Philly newspapers

 

A group of local investors led by real estate executive Bruce Toll is offering a plan valued at $92 million to purchase the Philadelphia Inquirer, the Philadelphia Daily News and philly.com, and lead the organization out of bankruptcy.
 
According to a release, the new ownership group would include the Carpenters’ Union Pension Fund and Penn Matrix Investments.
 

“Today, Philadelphians once again stepped up in a big way. The Philadelphia Inquirer, Daily News and philly.com filed a reorganization plan that will allow the company to emerge successfully from bankruptcy while maintaining local ownership of these important assets,” said Brian Tierney, the CEO of Philadelphia Media Holdings, the parent company of the newspapers and Web site. 

 

“Local ownership is critical because it has led to a new era of journalistic excellence, more readers than ever, greater support for our local community and a #1 ranking in national advertising growth.”

Read more breaking news in our From The Source blog.

Posted by Inquirer Online Desk @ 4:19 PM  Permalink |
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