Local Investors Buy Philly Newspapers For $55 Million

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

Fast Eddie Part Of Group Looking To Buy Philadelphia Inquirer

Image via Wikipedia

Looks like Fast Eddie’s back in the saddle again!

PHILADELPHIA (AP) — Former Gov. Ed Rendell and Philadelphia Flyers owner Ed Snider are leading a “civic-minded” effort to buy Philadelphia’s two largest newspapers, Rendell said Friday.

The six-person group submitted a non-binding “letter of interest” Thursday in Philadelphia Media Network, which operates The Philadelphia Inquirer and Philadelphia Daily News.

News reports surfaced this week that two hedge funds with major stakes in the company want to sell. The firms, Alden Global Capital and Angelo Gordon, had led the creditors’ $139 million takeover of the company at a September 2010 bankruptcy auction.

Rendell could not confirm their intentions, but said a third party has been reaching out to potential investors in recent weeks. The media company would be bought outright, he said.

Read more: http://www.dailylocal.com/articles/2012/02/04/news/doc4f2d48b30ba13550941899.txt