Inquirer | New York Post
According to reports, at least two bids have now been submitted to purchase Philadelphia Media Network, which owns the Philadelphia Inquirer, the Daily News and Philly.com. Former Pennsylvania Governor Ed Rendell acknowledged to BuzzFeed’s Ben Smith Friday that his group’s bid was in. And Keith J. Kelly and Josh Kosman report that a bid was submitted by Jeffrey Perelman, whose estranged father Raymond was earlier denied the opportunity to bid on the daily papers. The closed process became increasingly controversial as the papers’ publisher, Greg Osberg, prevented his newsrooms’ reporters from covering the sale. Mike Armstrong reports on the possible timeline:
Typically, in an auction-like sale, the seller chooses a preferred bidder, and the two sides enter into an exclusive period of negotiation to hammer out the details of a sale agreement. That period could last 30 to 90 days.
Related: Timeline of Philadelphia paper sales to five owners in six years | The nine lives of the Philadelphia Daily News (and why it’ll have a 10th) | Inquirer, Daily News to share content, raising questions about future of separate Philly papers | Philly papers to lose 37 positions through buyouts, layoffs
