Inquirer, Daily News bought for $55 million by local group (UPDATED)

The building where the two papers are currently housed, though they announced they will be moving to the former Strawbridge's at 8th and Market streets.
WIKIPEDIA

For the fourth time in six years, ownership of two Philadelphia newspapers has changed hands as a local group of investors agreed today to purchase the parent company of the Inquirer, Daily News and philly.com for $55 million.

The local group is led by Lewis Katz, 70, and insurance executive and Democratic leader George E. Norcross III, 56, who agreed to purchase the papers and the website from a group of hedge funds that took over the operations when they emerged from bankruptcy in 2010. In addition to the sale price, the owners will invest $10 million in working capital to operate the company.

The new owners have formed Interstate General Media LLC, but the company will still do business as Philadelphia Media Network. The company will also retain publisher and CEO Greg Osberg.

In addition to Katz and Norcross, the group includes cable TV magnate H.F. “Gerry” Lenfest, who will serve as board chair; William Hankowsky, chairman and CEO of Liberty Property Trust and chairman of the Greater Philadelphia Chamber of Commerce; Kris Singh, president and CEO of Holtec International, a nuclear energy technology company; and Joseph Buckelew, chair of Connor Strong and Buckelew.

The new owners said that no additional layoffs were planned, but emphasized their interest increasing revenue.

“This newspaper hasn’t made money for years,” Norcross said at an afternoon press conference where the new owners also addressed employees. “We believe that we can, with the various constituencies involved, make this a success.”

The group has made a commitment to non-interference with the
editorial content and Norcross said there are no immediate plans to get rid of the Daily News.

“I think the Daily News needs an opportunity. I think the Daily News can be successful,” he said.

Newspaper Guild of Greater Philadelphia President Dan Gross said the financial investment is encouraging.

“It’s encouraging that they’ve pledged to put new revenue into the company, which is something that hasn’t happened recently,” Gross said.



News
Entertainment
Sports
Lifestyle
News

Turkey: Voting begins in country's first direct presidential…

Some 53 million people are able to vote in the election, including 2.8 million citizens abroad. Until now, Turkish presidents were elected by parliament.

News

Libya seeks ceasefire as south Tripoli a militia…

By Patrick Markey and Aziz El YaakoubiTRIPOLI (Reuters) - Black plumes of smoke marked shell blasts and bulldozed earthen barricades mapped out the frontlines around…

Breaking: News

Russia mad about sanctions, says U.S. contributing to…

Russia reacted angrily on Saturday to additional sanctions imposed by the European Union over Moscow's role in the Ukraine crisis, saying they would hamper cooperation…

National

Mutant worms stay sober, even on alcohol

U.S. researchers have developed "mutant worms" that do not get drunk by alcohol, a breakthrough that could lead to new treatment for people trying to quit drinking

Television

'Game of Thrones' livens up Comic Con with…

By Piya Sinha-RoySAN DIEGO (Reuters) - Laughter and death did battle on Friday at HBO's "Game of Thrones" panel at Comic Con, one of the…

Movies

Review: Brett Ratner's big 'Hercules' movie is small…

The latest "Hercules," starring Dwayne Johnson as the half-god beefcake of Greek myth, strips its hero and tale of most of its fantastical elements.

Arts

Scientists recreate world's smallest Monet copy

Scientists have reproduced a famous Impressionist painting using nano-printing, to create what has been described as the world's smallest work of art. Reworked at the…

Television

Jerry Seinfeld is ambidextrous, and other Reddit AMA…

See some of the weirder highlights of Jerry Seinfeld's recent Reddit AMA.

U.S. Soccer

Orlando City takes shot at NYCFC over Frank…

Orlando City reminded the world how big a signing Brazilian star Kaka earlier this month with a photo of Kaka mobbed by fans juxtaposed against Lampard.

NBA

Jeremy Lin says 'Linsanity' is over as he…

Jeremy Lin lit up the NBA two years ago with his play for the Knicks but he has no desire to recreate "Linsanity" in his new career with the Lakers.

NFL

2014 NFL Fantasy Football Top 100 overall player…

2014 NFL Fantasy Football Top 100 overall player rankings

U.S. Soccer

NYCFC announce signing of Frank Lampard

The tease of a big signing Thursday by new MLS side NYCFC ended up being one rumored for weeks. England midfielder Frank Lampard agreed to…

Tech

Forget Wi-Fi: Li-Fi could be the future

Li-Fi technology – developed by Mexican company Sisoft – is wireless internet connectivity using specialized LED light.

Tech

Weather app Climendo might be the most accurate…

The wait for a truly accurate weather forecast could finally be over thanks to a nifty new app called Climendo.

Tech

Napkin Table puts focus off the phone and…

Michael Jan, a design student at Tunghai University in Taiwan, has invented a serviette-picnic blanket hybrid called the Napkin Table.

Style

Essie's new Color Boutique

Essie launches high-tech kiosks at major airports and malls across the country.