Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Announcement of sale of newspapers, website expected Monday (PhillyInc)
Philly.com ^ | Sunday April 1, 2012 | Mike Armstrong

Posted on 04/01/2012 1:51:42 PM PDT by brityank

Announcement of sale of newspapers, website expected Monday

By 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 ...


TOPICS: Culture/Society; Front Page News; News/Current Events; US: Pennsylvania
KEYWORDS: dailynews; dinosaurmedia; inquirer; newspapers; phillycom

Why would anyone throw more good money at this sinking enterprise?

1 posted on 04/01/2012 1:51:47 PM PDT by brityank
[ Post Reply | Private Reply | View Replies]

To: Tribune7; Kid Shelleen; abb

Ping!


2 posted on 04/01/2012 1:52:52 PM PDT by brityank (The more I learn about the Constitution, the more I realise this Government is UNconstitutional !!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank

I had seen a price of $30 million several days ago. I’ll bet that’s all the cash that changes hands.


3 posted on 04/01/2012 1:53:28 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank
George E. Norcross III and Lewis Katz win the "Dumbest Businessmen in the United States" award for spending more than a dime on this loser.


4 posted on 04/01/2012 2:03:12 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank

In 2 years it’ll change hands for $1, like Newsweak


5 posted on 04/01/2012 2:05:15 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank

“$60 million in 2012”

Our escort service/adult weekly makes more than that and they operate with a skeleton crew.


6 posted on 04/01/2012 2:10:45 PM PDT by max americana
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank

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.


7 posted on 04/01/2012 2:35:59 PM PDT by pepsi_junkie (Who is John Galt?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: brityank

Schadenfreude !

             glub..glub..glub

8 posted on 04/01/2012 3:48:50 PM PDT by tomkat ( /white guilt)
[ Post Reply | Private Reply | To 1 | View Replies]

To: pepsi_junkie

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.


9 posted on 04/01/2012 4:59:57 PM PDT by pineybill
[ Post Reply | Private Reply | To 7 | View Replies]

To: South Hawthorne; brityank; Physicist; WhyisaTexasgirlinPA; GOPJ; abner; baseballmom; Mo1; Ciexyz; ..

ping


10 posted on 04/01/2012 5:19:19 PM PDT by Tribune7 (GAS WAS $1.85 per gallon on the day Obama was Inaugurated! - - freeper Gaffer)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson