Vice Chancellor Donald F. Parsons Friday ordered that Interstate General Media, the partnership that owns The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com, be dissolved and sold by an “English-style” auction among partners.
“The minimum bid for the auction shall be set at $77 million in cash,” Parsons writes in his ruling, which you can read below. The auction can be held no later than May 28, he ordered.
The decision “was a victory for George E. Norcross III, the co-owner who has argued for a private auction and has pledged to bid at least $77 million to win control of the company,” David Sell writes in the Inquirer.
“We are pleased that Vice Chancellor Parsons has agreed that the best way to end the IGM partnership is through a members only sale process, just as the original agreement stipulated,” IGM spokesperson Dan Fee said in a statement emailed to Poynter.… Read more