Skip to comments.Announcement of sale of newspapers, website expected Monday (PhillyInc)
Posted on 04/01/2012 1:51:42 PM PDT by brityank
Announcement of sale of newspapers, website expected MondayBy Mike Armstrong, Inquirer Staff Writer
The sale of The Inquirer, Philadelphia Daily News, and Philly.com will likely be announced Monday, according to several sources.
A local investor group has spent much of the last two months negotiating to acquire PMN from its hedge-fund owners in a transaction valued at $55 million to $60 million, according to multiple reports. With paperwork still to be signed, delays are always possible at the 11th hour.
The buyers of Philadelphia Media Network Inc. are a group of local investors, led by George E. Norcross III, executive chairman of Conner Strong & Buckelew, a South Jersey insurance brokerage; and Lewis Katz, former chairman of Interstate Outdoor Advertising.
People familiar with the transaction identify the other members of the prospective ownership group as philanthropist H.F. "Gerry" Lenfest, Holtec International Corp. chief executive officer Krishna P. "Kris" Singh, and Liberty Property Trust CEO William P. Hankowsky.
(Excerpt) Read more at philly.com ...
Why would anyone throw more good money at this sinking enterprise?
I had seen a price of $30 million several days ago. I’ll bet that’s all the cash that changes hands.
In 2 years it’ll change hands for $1, like Newsweak
“$60 million in 2012”
Our escort service/adult weekly makes more than that and they operate with a skeleton crew.
Well I hope the new guys are big time libs because last time private investors bought these fishwrap-in-the-making papers it had a couple of republicans in the group and the reporters all threw a hissy fit, demanded (and got) a pledge that these republicans wouldn’t attempt to influence coverage. Since they continued to report biased liberal propeganda they continued in their death spiral and still do to this day.
Not only libs, but Google George W. Norcross - he is the leader of the democratic hack machine in south Jersey. The Inquirer - once a great newspaper - will become even more of a yellow journal, and it’s demise is near. But the reporters will be happy - they will really be working for the party organ, sort of like Pravda.