Posted on 09/15/2010 8:25:22 AM PDT by TigerLikesRooster
Philadelphia Newspapers Up For Auction
Theresa McCabe
09/15/10 - 10:06 AM EDT
NEW YORK (TheStreet) -- The auction for The Philadelphia Inquirer and Philadelphia Daily News is set for Sept. 23 after creditors missed Tuesday's deadline to complete their planned $139 million buyout.
The two newspapers, run by private company Philadelphia Media, have been operating under Chapter 11 bankruptcy protection since February 2009.
In April, a combination of hedge funds including Angelo Gordon and Alden Global Capital agreed to purchase the newspapers out of bankruptcy protection. The sale was not finalized due to unresolved labor contracts with the papers' truck drivers, also known as Teamsters.
Now Chief U.S. Bankruptcy Judge Stephen Raslavich is auctioning off the newspapers to be sold "as is," with no conditions attached, and the deal should be complete by Oct. 12.
(Excerpt) Read more at thestreet.com ...
I bid 35-cents.
$1 and F- the Teamsters.
Good! There is a reason why the Inquirer is bankrupt and WSJ isn’t.
sold asses
Disgusting liberal rags. Maybe the owner of the Philadephia Bulletin can pick em both up for a buck and clean them up and out.
You know, I was wondering where all the LSM outlets were getting their money. It might have been ad revenue, but when your ratings are dismal, the rates drop, so where were they getting their money?
Here, we learn that at least the two ‘newspapers’ in Philadelphia couldn’t even get that much AND that there appears not to be outside flows coming in. I was worried that there was some kind of arcane money flow from the government somehow.
I know, paranoid on skates. Glad to see I can drop the thought.
After WSJ’s rant on TeaPartiers yesterday, it’s fine with me if they aren’t far behind!
ping
“Philadelphia Newspapers Up For Auction(auction date: Sept. 23)”
Let’s see how much change I have here in my pocket... There’s a quarter... couple a nickels... oh, oh, a dime!... two pennies...
I know, I know, I’m overpaying.
Oh NOOOOOOO!!!
Without the inky and the dn, where will I get the news that matters about my city???
bleacherreport.com, espn.com and nfl.com I guess.
In a recent Forbes, the publisher Rich Karlgard issued a great line....
“Speed Rules.... Newsweeklies now sell for $1. Mind you, not the product, but the company”
Union drivers would do well to pay heed. They are barely required in an age where news is delivered instantly to you I phone or Blackberry
Wow,Let’s all buy it.
Your right there. Let’s hope that they get a house cleaning too. If not they will fail in time. Internet kills newspapers. It kills liberal ones faster.
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