Two possible bid for Philadelphia newspapers

A wealthy real estate developer said Tuesday he and four partners plan to make an offer to buy the city’s two largest newspapers, whose downtown offices he already owns. The partnership, calling itself Philly Hometown Media LLC, plans to make a cash offer for the newspapers, Blatstein said. Last week, news reports surfaced that two hedge funds with major stakes in the company want to sell. The firms had led the creditors’ $139 million takeover of the company at a September 2010 bankruptcy auction. Former Gov. Ed Rendell also said last week that he, Philadelphia Flyers owner Ed Snider, Cooper University Hospital Chairman George Norcross and others were leading a separate effort to buy the newspapers.
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Last modified on 01/06/2019

Published in Neighbors
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