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Papers go for less: $105M

Creditors to the bankrupt owners of the Inquirer and Daily News again won the newspapers in an auction, outbidding local philan­thropist Raymond Perel­man Thursday for a price of $105 million in cash.

Creditors to the bankrupt owners of the Inquirer and Daily News again won the newspapers in an auction, outbidding local philan­thropist Raymond Perel­man Thursday for a price of $105 million in cash.

The new owners, which include big hedge funds, will honor the labor contracts they had previously ratified with all the unions, except for the Teamsters, after the last auction when they purchased the papers for $135 million.

Perelman initially bid $50 million and then raised it to $85 million, but would not go higher. “[He] did not think that it made sense to go higher,” his lawyer said.

 
 
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