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. Lenfest, Krishna Singh, William Hankowsky and Joseph Buckelew.
As part of the deal, the six investors signed an agreement that they would not interfere with the operation of the newsrooms. PMN’s CEO, Gregory Osberg, will also remain in place.