PHILADELPHIA - A group of local investors agreed on Monday to buy Philadelphia Media Network Inc., the parent of the Philadelphia Inquirer, Philadelphia Daily News, and Philly.com, for $55 million plus an additional $10 million in working capital for operations. The deal represents the fourth ownership change for the media properties in less than six years.
Philadelphia newspapers sold for $55 million
April 3, 2012 at 1:40AM
Led by insurance executive and Democratic leader George E. Norcross III and businessman Lewis Katz, the group agreed to buy the papers and website from the hedge funds and other financial firms that have owned them since they emerged from bankruptcy in October 2010.
Katz and Norcross will serve as managing partners of Interstate General Media, the new parent company, which still will do business as Philadelphia Media Network.
Representatives of New York hedge-fund managers Alden Global Capital and Angelo, Gordon & Co. have generally kept quiet throughout the sale process. They bought the properties after a hotly contested bankruptcy auction 18 months ago for $139 million.
PHILADELPHIA INQUIRER
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