Businessman Lewis Katz Buying Philadelphia Newspapers

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

PHILADELPHIA (AP) — Businessman Lewis Katz and philanthropist H.G. “Gerry” Lenfest will take over Philadelphia’s two largest newspapers from their partners with an $88 million auction bid.

Katz and another businessman, George Norcross, had bought The Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com news website for $55 million in 2012. But they began feuding and competed to take control at Tuesday’s auction.

Katz made his fortune investing in the Kinney Parking empire and the Yankees Entertainment and Sports Network in New York. He supports the investigative reporting favored by current Inquirer editor Bill Marimow.

Read more: http://www.timesherald.com/business/20140527/businessman-lewis-katz-buying-philadelphia-newspapers

Rival Owners Of Philly Newspapers Pledge $77M Bids

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

WILMINGTON, Del. (AP) — Rival owners fighting for control of Philadelphia’s two largest newspapers have each pledged $77 million to take control of the company.

The Philadelphia Inquirer and Philadelphia Daily News are being sold as investors who bought them in 2012 argue over newsroom management and corporate strategy.

Wealthy businessmen George Norcross and Lewis Katz lead the rival factions, and testified at a hearing underway in Delaware this week to determine who can bid at the planned auction.

“There are people interested in this newspaper,” Katz testified Tuesday. “Whether or not they will come forward to bid is, in my mind, still problematic.”

Read more: http://lancasteronline.com/news/pennsylvania/rival-owners-of-philly-newspapers-pledge-m-bids/article_7565e20e-ce5a-5bfa-9d30-9b3473304f9a.html

Newspaper Barons Resurface

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

Editor’s note: If you have followed the sale of the Philadelphia newspapers, this article gives some perspective on what that might mean for Philadelphia from an out-of-town perspective.

Is there anything more forlorn than the American metropolitan newspaper? First readers began deserting in droves, then the advertisers followed. Family owners headed for the exits and then hedge funds and other financial players scooped up newspapers thinking they were buying at the bottom of the market. Greater fools came and went, each saying they could cut their way to former glory and renewed profitability. They got a haircut instead.

Many smaller community newspapers remain stable and newspapers with a large national footprint have generally done better. But quite a few of the midsize regional and metropolitan dailies that form the core of the industry have gone off a cliff: over all, the newspaper industry is half as big as it was seven years ago.

So if most newspapers are an uneconomical proposition incapable of sustaining profits, let alone pay off the debt so many buyers have larded on them, who is left to own them?

Rich guys.

Read more: http://www.nytimes.com/2012/04/09/business/media/the-return-of-the-newspaper-barons.html?pagewanted=1&_r=1&src=dayp

Related articles

• Political Figure Considers Bid For Philadelphia Newspapers (huffingtonpost.com)

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

Philadelphia Daily News Top 10 Suburban Football Teams

Image via Wikipedia

The Philadelphia Daily News released their Top Ten Suburban Football Teams list.  While no Pottstown area high school made the top ten, Boyertown (9-2) and Pottsgrove (9-2) were listed as Under Consideration.  I guess that’s like an honorable mention.  Kudos to Pottsgrove and Boyertown for their excellent seasons.

To see the list click below:

http://www.philly.com/dailynews/breaking/sports/20101115_Daily_News_top_10_suburban_football_teams.html