Creditors To Buy Philly Papers—This Time For $105 Million
By Joseph Tartakoff/paidcontent
Bankrupt Philadelphia Media Holdings, which owns the Philadelphia Inquirer, the Philadelphia Daily News and Philly.com, has been sold to a group of its senior lenders for the second time in six months. The same group of lenders agreed to pay $135 million for the company in April, but that deal never closed because of a dispute with one of the newspaper's unions.
This time around, the competing bidder was (once again) a group led by Philadelphia businessman Raymond Perelman, the father of investor Ron Perelman. He offered $85 million, while the lenders offered $105 million in cash, according to the Inquirer's report.