NY Post: Philadelphia Inquirer, Daily News could be sold soon

New York Post

The owners of Philadelphia Media are trying to sell the company for roughly $100 million, report Josh Kosman and Keith Kelly, citing an unnamed source. One of the owners is Alden Global Capital, which has invested in newspapers around the country, including Journal Register Co. and MediaNews Group. Kosman and Kelly speculate that Alden could convert its outstanding loans to the Tribune Co. into equity when the company emerges from bankruptcy. Greg Osberg, Philadelphia Media Network publisher and CEO, tells employees in a memo that Alden can sell its minority stake in the company: "A single minority owner does not have the right to sell the entire company, only their percentage of ownership." The New York Times reports this morning on the factors spurring a recent spate of newspaper deals: low prices, prime real estate, the chance to turn a quick profit with cost-cutting, and the potential to make money through online ads and digital subscriptions. || Earlier: How Alden Global Capital has become a major player in the media business (Poynter) | Alden quietly buys up newspapers around the country (The Salt Lake Tribune)

  • 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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