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Game Over: Lenders Now Own Philadelphia Inquirer, Daily News & Philly.com
So much for keeping it local.
Philly.com and KYW are reporting by headline that the papers have been sold to the senior lenders. Here are the final numbers:
Local investors: $130 million
Senior lenders: $135 million
Game Over.
Besides that, details are hidden in murk, though sources tell the Daily News that the senior lenders’ provision of terminating the thousands of union workers just to hire 51 percent of them back at lower wages has been eliminated, allegedly.
Per Philly.com:
"We didn't make it," Tierney said. "I think I'll go home tonight and sleep like a baby, which means I'll wake up every hour crying."
Tierney said he was happy with the level of debt that would be left on the company, which was about half of what he expected it to be.
According to company spokesman Jay Devine, that level would be about $40 million.
The local group's final offer had been the equivalent of $125 million, which included $95 million cash plus giving the senior lenders the company's North Broad Street headquarters building, which the company valued at about $30 million.
Stay tuned for more details as they unfold.
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1. thatgirl said... on Apr 28, 2010 at 03:05PM
“Newspapers are useless trash. People get their information up to the minute online now and dont need to read day old news. Plus they cause so mush wasted trash on the streets and kills trees. Down with newspapers.”
2. Anonymous said... on Apr 28, 2010 at 03:25PM
“SHAME ON YOU, the person saying that the newspapers are useless trash.
There are plenty of people who do not have computers nor do they want one. By the time a screen decides to change, I can look im my newspaper and find the movie I want to go to. And did you forget about all of the people that work there. My son-in-law does work there, he needs his job so he can have his health insurance for his son who has diabetes, Shame on you to trash the newspaper, I hope your battery dies on your laptop tonight when you are trying to read the news, that won't happen to me, I will be ready the NEWSPAPER.”
3. R. said... on Apr 29, 2010 at 01:21AM
“Most people still rely on a trusty newspaper. The print version comes before the web version, mind you. And as for the much read news online, the person above is correct, there are still many who don't own laptops and home computers, and those who make their living off of what the papers of the world put out, hello economy. PLUS some people still like the feel of newsprint between their fingers, you know that mass of paper that sits on kitchen tables on sundays and weekdays when people conveniently look to find something that they can't in a net search when they're internet cuts out or is disconnected or loads for too long... don't be a narrow-minded fool to think everyone's internet-garde.”
4. Whatever said... on May 2, 2010 at 12:14PM
“Newspapers are still a good source for those you can't or won't use the internet, or for those who don't have access. That being said, they will and are slowly dying and being replaced by new media and the internet in general.
As far as the Philadelphia Inquirer and Daily News are concerned, the readership has declined because people now have access to other news sources and they will not pay for biased left-wing garbage. It is unfortunate that the Philadelphia Inquirer and Daily News don't seem to understand that.
Good luck to them as well in controlling Union costs. They are a big part of the not staying profitable problem.”
5. j.basile said... on May 8, 2010 at 09:09PM
“I believe the Inquirer( the old inky-dink) is still the best paper around. I spent 60 years in the newspaper industry with many papers, and still rate this number 1. There is more knowledge obtained from this paper than 1000 internets. GREAT with morning sunshine and good coffee.Better than sex.”
6. j.basile said... on May 8, 2010 at 09:09PM
“I believe the Inquirer( the old inky-dink) is still the best paper around. I spent 60 years in the newspaper industry with many papers, and still rate this number 1. There is more knowledge obtained from this paper than 1000 internets. GREAT with morning sunshine and good coffee.Better than sex.”