Philly Publishers Try To Strike $50M Deal To Save Papers From Bankruptcy

Chief Executive Officer Brian Tierney and investor Bruce Toll have offered senior lenders Angelo, Gordon & Co. and CIT Group Inc. $50 million to bring the Philadelphia Inquirer, the Philadelphia Daily News, and Philly.com out of bankruptcy, reports the Philadelphia Inquirer. This proposal was one of several new developments in bankruptcy hearing currently underway in Philadelphia.

Toll and Tierney purchased the papers in 2006 for around $515 million. Since their acquisition, revenues has dropped 20 percent.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Spring Special

Save 30% Off an ADWEEK Subscription Today!

View Your Options

Already a member? Sign in