By: E&P Staff
The senior lenders who financed most of the 2006 purchase of The Philadelphia Inquirer and Philadelphia Daily News bought the papers for about $139 million Wednesday afternoon, the Inquirer reported.
In a story by Christopher K. Hepp and Harold Brubaker, the paper said the sale was announced by Philadelphia Newspapers LLC CEO Brian P. Tierney who headed a group of local investors who made an unsuccessful bid for the papers.
According to the Inquirer, the papers sold for $70 million in cash, $40 million in debt, plus real estate.
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