Philadelphia Inquirer, Philadelphia Daily News, Philly.com Sold for $55 Million
The two biggest papers in Philadelphia, The Philadelphia Inquirer and the Philadelphia Daily News, have been sold to a group of local business moguls. The website, Philly.com, was also part of the deal, which includes another $10 million in working capital.
Philadelphia Media Network, which filed for bankruptcy in 2009, will turn over operations to six investors who have formed the new parent company, Interstate General Media. The new leadership team includes Lewis Katz, George Norcross III, H.F.
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