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Sure It’s For Sale, Says Philadelphia Newspaper Company Owner — But…

By Pat Loeb

PHILADELPHIA (CBS) — The company that owns the Philadelphia Inquirer and Daily News is going through some ownership changes, but it’s not clear what impact, if any, it would have on the papers.

A story published in the New York Post said that Philadelphia Media Network, owner of the newspaper-and-web company, was in the midst of selling the paper for $100 million (see previous story), but company spokesman Mark Block says it’s not that simple.

“PMN is owned by a group of hedge funds and investment banks, and because of that ownership division, PMN is always up for sale,” he told KYW Newsradio today.

Block says any of the investors can sell their stake any time, but because the company is privately held it’s not possible to say what percentage of the company is up for sale at any time.

Publisher Greg Osberg has made a similar statement to employees, also urging them to stay focused on the task at hand, “so we can achieve our goals for 2012.”

The newspaper company has sold its iconic headquarters building on North Broad Street and is planning to move into the upper floors of an office building at 8th and Market Streets later this year (see related story).

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  • news junkie

    The NY Post reported today that indeed the papers are being sold by ALL investors, and not just one. Possibly, KYW could begin programming featuring soon-to-be-former Inquirer and Daily News staffers in a time block during morning and afternoon drive time featuring these quality journalists.

  • HappyHappyJoyJoy

    Sadly, we have no independent press. Just billionaire speculators whose political, social biases are supported with the stories support the advertising revenue the so greedily covet.. Movie stars, catholic church bashing, reality tv shows, and of course the top/worst ten of a bunch of junk no one needs or wants….RIP democracy.

  • news junkie

    Merge the Daily News into the Inquirer with just one newsroom? Newspaper consolidation-Philadelphia Style.

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