PHILADELPHIA – A published report says Philadelphia’s two largest daily newspapers are up for sale again, less than a year and a half after creditors took them over.
The New York Post, citing an unidentified source, said Monday that Alden Global Capital, a distressed debt specialist, may pull out its 30 per cent stake and that Philadelphia Media Network is conducting an auction to sell itself for about $100 million. The company operates The Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com website.
Alden had been a lead player in the creditors’ $139 million takeover of the company in a September 2010 bankruptcy auction. The auction followed a bitter fight for control between creditors and local investors.
Bob Hall, the company’s chief operating officer, is declining comment to The Associated Press.
