Philly-Area Bigwigs Pay $55M For City’s Biggest Papers

Law360, New York (April 2, 2012, 7:07 PM EDT) -- Philadelphia's two biggest newspapers changed hands again Monday when a group of local heavy hitters purchased Philadelphia Media Network Inc. from a group of hedge funds and banks for $55 million, pledging to turn the struggling news corporation around.

The group of six investors was organized by former Pennsylvania governor Ed Rendell and includes local business magnates Lewis Katz and George E. Norcross III. They will inject up to $10 million of working capital into the struggling PMN, which owns the Philadelphia Inquirer, the Philadelphia Daily...
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