Philadelphia Inquirer | | The New York Times
Mike Armstrong reports that Greg Osberg stepped down as CEO and publisher of Philadelphia Media Network on Friday, "less than six weeks after the media company's purchase by a group of local owners." Osberg was brought in by a group of hedge funds that bought the company in a bankruptcy auction in 2010. When the company was purchased by a group of local investors a month ago, they said Osberg "will remain at the helm of the company."

Osberg will stay with the company to work on digital strategies and advertising. Robert J. Hall, the current chief operating officer, will take over as publisher and CEO. He has held the position before, according to Armstrong.

Osberg writes in a memo to staff that he has achieved the objectives he sought: "to help stabilize the company as it emerged from bankruptcy, expand our portfolio of digital products and initiatives and identify and secure new local ownership."

Shortly after Osberg took over, he demoted Philadelphia Inquirer Editor Bill Marimow, who later left for Arizona State University. The local owners brought Marimow back; he just finished his second week.