NY Post: Majority of investors want to sell Philadelphia Media Network

New York Post | Associated Press | David Gambacorta
The Post follows up on its story earlier this week about Philadelphia Media Network going on the auction block, reporting that private equity firms Angelo Gordon and Alden Capital, each of which hold about 30 percent of the company, have hired Evercore Partners to sell the company. One potential bidder, according to the AP, is Raymond Perelman, who tried to buy the Inquirer and the Daily News in 2010 but was outbid. Perelman told the AP that a lot depends on price. "There's a long drink between 'interested' (in the Philadelphia company) and 'buying it.' "

Philadelphia magazine reports that former Pennsylvania Gov. Ed Rendell also is interested, which David Gambacorta confirms. "Governor describes the effort to buy the Daily News & Inquirer as a 'civic venture' by folks who want the papers to survive," he tweeted. More details on Gambacorta's Twitter page and Philadelphia magazine's website.

After the Post's first story, Jim Romenesko posted an email from Philadelphia Media Network Publisher & CEO Greg Osberg saying that a minority owner couldn't force the sale of the company. After the latest story, Osberg sent another note to staff saying he won't comment on rumors. || Related: Hard to believe that merger of Inquirer and Daily News sports departments won't result in fewer jobs (Philadelphia magazine) |  Are investors choosing Journal Register over Philadelphia’s Inquirer & Daily News? (Poynter)

Correction: This post originally stated that Perelman tried to buy the newspapers last year, but it was 2010.

  • Steve Myers

    Steve Myers was the managing editor of Poynter.org until August 2012, when he became the deputy managing editor and senior staff writer for The Lens, a nonprofit investigative news site in New Orleans.


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