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Britain weighing gasoline price-fixing probe of BP, Shell, Statoil
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.
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WASHINGTON, May 21 (UPI) --
A member of Congress who led an investigation into the BP oil spill in 2010 expressed outrage that a judge threw out a charge against a former BP executive.
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LONDON, May 21 (UPI) --
Britain's Ministry of Defense has announced the signing of a $22.8 million contract for Hellfire missiles used by its Apache helicopters.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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