Friday, March 30, 2012

Sale Of Philly Newspapers Is Imminent


That's the word on the sale of the Philadelphia Inquirer and Daily News.

In fact, we're told that the announcement of the sale could come at any moment.

Earlier this week we were told that the sale would be announced by the middle of next week.

But things seem to be moving along very rapidly now and we will soon learn that the papers have been sold for about $56 million to an investment group headed by local philanthropist, H.F. (Gerry) Lenfest who now serves as chairman of the group. Lenfest is leading the bid along with a real estate investor, William P. Hankowsky, chief executive of Liberty Property Trust. There is no majority partner.

Earlier, former Philadelphia Mayor and Pennsylvania Governor Ed Rendell who had been part of the investment group announced that he was no longer involved in the bid.

The group now includes George E. Norcross III, a Democratic power broker in South Jersey; the parking lot magnate Lewis Katz; and Edward M. Snider, chairman of the Comcast subsidiary that owns the Philadelphia Flyers.

The newspapers will move from their iconic headquarters building on North Broad St. to the old Strawbridge's department store building in The Gallery at 8th and Market Sts. That site is owned by real estate investor Ron Rubin, another major Philadelphia area power broker.

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