There’s a potential buyer for the embattled Philly.com, the Philadelphia Inquirer and the Philadelphia Daily News, according to a report out yesterday from Philly.com.
“The Newspaper Guild of Greater Philadelphia declined to reveal the potential buyer, but said the party is interested in purchasing the entire company or a majority stake from parent company Interstate General Media, whose owners include wealthy New Jersey businessman Lewis Katz and powerful South Jersey Democrat George Norcross,” the reports reads.
The news follow a suit and countersuit filed by Katz and Norcross and a tangle of other developments, including the firing of editor Bill Marimow. And it comes as the papers appear to be on the edge of profitability again. Yesterday, Joel Mathis wrote in Philadelphia Magazine that rumors of profitability had been brewing for a while, but “confirmation of a sorts emerged Tuesday, as part of an explanation from Bill Ross, executive director of the Newspaper Guild, as to why the guild had publicized its bid to buy out one or all of IGM’s warring owners.”… Read more