Reporting Pat Loeb
Filed underBusiness & Economy, Heard On, Local, News, Philadelphia, Syndicated Local, Watch + Listen
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).