This year saw Philadelphia’s two daily newspapers change hands for the fourth time in five years, in a secretive deal that involved hedge funds, local political bosses, and the censoring of reporters’ stories.
The owners of the Philadelphia Inquirer and Daily News held an open house in their new headquarters, on the third floor of a former department store at 8th and Market Streets.
A group of powerful business leaders announced Monday they have closed a deal to purchase Philadelphia’s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.
An announcement is expected, today, in the sale of the Philadelphia Inquirer and Daily News. A controversial group of local businessmen is likely to be the new owners.
New Jersey’s state comptroller has reviewed the inner operations of the Delaware River Port Authority, saying his office has found a pattern of waste and mismanagement that cost the bi-state agency millions of dollars over a number of years.
Senior managers who run the Philadelphia Inquirer and Daily News envision cutting even more jobs, to cut payroll and clear the deck for potential new owners.
Amid all the debate over the proposed takeover of Rutgers University’s Camden campus by Rowan University comes what could be a serious difference of opinion within one of South Jersey’s most powerful political families.
The over-the top villain in the play is “Gary Nearcross,” with any resemblance to New Jersey powerbroker George Norcross not so coincidental.
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