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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.

"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."

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