Local Investors Buy Philly Newspapers For $55 Million

The Philadelphia Inquirer-Daily News Building ...

The Philadelphia Inquirer-Daily News Building in Philadelphia, PA. Taken from North Broad and Callowhill Streets. (Photo credit: Wikipedia)

PHILADELPHIA, PA —  A group of powerful local business leaders announced Monday that they have purchased Philadelphia‘s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.

It is the fifth time in six years the newspapers are being sold.

The buyers, who include influential New Jersey Democrat George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. “Gerry” Lenfest, said they plan to keep the newspapers’ tradition of strong journalism alive in the digital age.

Read more: http://www.mcall.com/business/mc-philadelphia-newspapers-sold-20120402,0,5831712.story

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