Date

Fri - 20.10.2017


Philadelphia Media Network

The Philadelphia Media Network – owner of The Philadelphia Inquirer, Philadelphia Daily News and Philly.com – has been sold to a group of local investors for $55 million, with an additional $10 million more in working capital, Philly.com reported yesterday.

The sale marks the latest round in a game of pass the parcel, with the parcel getting smaller every time; PMN has changed hands four times in the past six years, and the current sale price is little more than a tenth of the $515 million that a previous group of Philadelphia investors paid for the media group in 2006, notes Alan D Mutter on his blog, Reflections of a Newsosaur.

The $55 million price tag is also significantly smaller than the $139 million that PMN’s last owners, Alden Capital Management and Angelo, Gordon & Co., paid for the company when they bought it out of bankruptcy in 2010, writes Mutter.

Author

Hannah Vinter

Date

2012-04-03 14:39

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