facebook
twitter
rss
account
search
search
 

Talk of Philadelphia Media Network sale

April 1, 2012 at 5:23 PM   |   Comments

PHILADELPHIA, April 1 (UPI) -- A Philadelphia investor group has been negotiating to acquire Philadelphia Media Network Inc. in a deal valued at almost $60 million, officials say.

The group is lead by George E. Norcross III, executive chairman of New Jersey insurance brokerage Conner Strong & Buckelew, and Lewis Katz, former chairman of Interstate Outdoor Advertising.

The sale would put Philadelphia Media Network, or PMN, back into local hands. A group of hedge funds and other investors led by Alden Global Capital and Angelo, Gordon & Co., have owned PMN since Oct. 8, 2010, after acquiring the company in a auction overseen by U.S. Bankruptcy Court for $139 million.

The sale, expected to be announced Monday, will include The Inquirer, Philadelphia Daily News and Philly.com, will bring with it financial hardship. The Philadelphia Inquirer reported PMN has suffered an ongoing decline in revenue since the bankruptcy sale, and management has confirmed advertising revenue is not sufficient to sustain the company's cost structure.

PMN has trimmed its workforce in the last two years, shedding 67 employees either through layoffs or voluntary buyouts.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
3
Textron's G-CLAW on target in live-fire demonstration Textron's G-CLAW on target in live-fire demonstration
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
Trending News
Video
x
Feedback