Philadelphia Newspapers Sell Falls Through, Heads Back to Auction
The planned sell of Philadelphia Newspapers to Philadelphia Media Network fell through today due to a union dispute, according to Bloomberg.
The group of investors set to purchase Philadelphia Newspapers, which owns The Inquirer, Philadelphia Daily News and Philly.com, had until noon today to sign new labor contracts for the 16 unions working within the group of papers. The delivery drivers union represented by the Teamsters could not agree to terms with Philadelphia Media Network by noon so the lenders in the deal had the option to step away from the purchase.
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