‘Inquirer’ Reports Philadelphia Newspapers Sold to Lenders for $139 Million

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.

Read the entire story here.

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