PMN to be Sold for $55 Million; Remember how much it was worth in 2006?
Philly.com is confirming this morning that a group of investors will buy the Philadelphia Media Network for $55 million, with “an additional $10 million in working capital for operations.” The group buying the papers and website are led by businessman Lewis Katz, 70, and Democratic leader George W. Norcross III, 56. Others in the group include philanthropist...
Continue ReadingDAILY GRINDER: Philadelphia Media Network May be Sold Today, Amidst new NJ Cronyism Allegations
The Philadelphia Media Network could be sold as soon as today. The alleged group set to make the purchase includes George E. Norcross III, a South Jersey “Democratic powerbroker,” Lewis Katz, Ed Snider and H.F. Lenfest. Estimated asking price: $60 million. And here’s something: A new report from the New Jersey State Comptroller notes the Delaware River...
Continue ReadingDAILY GRINDER: Rendell Says Papers, Owners to be Separated by ‘Firewall’
Buzz Bissinger hosted Michael Smerconish’s radio show yesterday and featured Ed Rendell to talk about the potential purchase of the Philadelphia Media Network. Rendell said he doesn’t personally have any money to invest in the company and that if he and others owned the PMN, the newsroom would be a “firewall” between reporters and people like himself...
Continue ReadingDAILY GRINDER: Liquor ‘Privatization’ becomes ‘Modernization’
Just as everyone suspected, the state General Assembly is slowly backing off any attempts to privatize the state’s alcohol system in favor of what they’re all calling “modernization.” Which essentially means, “doing our job…better.” Sort of like the (fingers crossed) City Council bill that’d force the Philadelphia Parking Authority to do the...
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Fox News ‘Catches’ Philly Daily News’ Bunch Working For Media Matters
We’re not sure how or why they consider this news, but that’s probably redundant. Fox News—and by extension, the unashamed wingnut megapixel Fox Nation—seem to have “caught” Philadelphia Daily News reporter/blogger/editor Will Bunch “moonlighting as a Media Matters activist.” And not just that, but Bunch has Tweeted “in support of the [Occupy...
Continue ReadingBREAKING: Daily News Design Editor Fired, Sources Say
John Sherlock, the Daily News’ design editor and member of senior management who has logged 19 years with the company, has reportedly cleared out his belongings of the first floor of the Philadelphia Inquirer building after being fired on Friday, according to sources close to the situation. In a farewell email sent to the newsroom on Saturday, Sherlock wrote,...
Continue ReadingDaily Grinder: All The Potential New Council Members, So Far
Can you feel it? It’s that time of year, again. The time of year in which the Philadelphia media starts speculating about how hard the city gets pounded, ripped off and downright assaulted by the next set (see: same set, just tweeked) of City Council members. First off, PhillyClout/The Philadelphia Daily News are all over this today. Anna Verna, who makes...
Continue ReadingInky, Daily News and Philly.com To Be Auctioned Again?
That’s what they’re saying: The Philadelphia Inquirer and Daily News appear headed for another auction now that a noon deadline has passed without the closing of the purchase of the papers by Philadelphia Media Network Inc., according to a knowledgeable source. According to a plan that still must be formally approved by Chief Bankruptcy Judge Stephen...
Continue ReadingPhilly Newspapers Almost Reorganized
We still love how Inky writers cover their own company’s demise, zombification and hopeful healthy resurrection. Late yesterday, they reported how a federal judge OK’d the new organization plan, the “next-to-last step toward the emergence of a new and, it is hoped, more successful company.” Now they’ve just got to deal with the unions. Inky: After...
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Daily News: Gay Panic Defense
The Daily News has some story this morning. It’s about gay panic defense – a temporary insanity-like legal defense in which the defendant is “so offended or shocked by sexual advances from a person of the same gender that the defendant assaults or kills the victim.” Specifically, the case is about the death of Anthony Williams, a former Grays Ferry resident,...
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