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How much is Philadelphia Inquirer
Gregory Osberg is CEO of Philadelphia Media Network.
Posted on Fri, Sep. 24, 2010
Senior lenders again buy Philly newspaper company
By Christopher K. Hepp and Joseph A. Slobodzian
Inquirer Staff Writers
The Inquirer and the Philadelphia Daily News were sold again to their
senior lenders Thursday, this time under terms that require the sale
to close with or without a contract agreement with the papers'
The lenders' bid of $105 million cash for Philadelphia Newspapers
L.L.C., which owns the papers and the website Philly.com, was
identical to its winning bid in April at the company's first auction.
The total deal is worth $139 million when the North Broad Street
headquarters plus some other incidentals are included.
The lenders' bid trumped an $85 million cash offer from a local
partnership of businessman Raymond G. Perelman and the Carpenters
Union pension fund.
Read mo http://www.philly.com/inquirer/front_page/20100924
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