Philadelphia’s two major newspapers — The Philadelphia Inquirer and Philadelphia Daily News, along with online newspaper Philly.com — will be auctioned today in an effort to “come out of bankruptcy protection,” according to an April 21 Associated Press article.
The article states the bankruptcy is partly due to industry-wide declines in advertising revenue.
If purchased, media company Philadelphia Newspapers — which owns the Daily News, Inquirer and Philly.com — would be sold, ridding the company of bankruptcy and $300 million in debt.
According to an April 26 Philly.com article, three entities have made a bid on Philadelphia Newspapers: a group of local investors that includes Penn alumnus Ronald Perelman and his philanthropist father Raymond Perelman; Canadian newspaper owner Stern Partners; and a group of senior lenders that includes Angelo, Gordon and Co. and the CIT Syndicated Logan Group.
Mike Leary, managing editor for the Inquirer, declined to comment on the auction’s possible ramifications for the newspaper.
The Daily Pennsylvanian is an independent, student-run newspaper. Please consider making a donation to support the coverage that shapes the University. Your generosity ensures a future of strong journalism at Penn.
DonatePlease note All comments are eligible for publication in The Daily Pennsylvanian.