By: E&P Staff
With four papers among the “Deserted Dozen” in the original Knight Ridder/McClatchy suddenly gone, to MediaNews Group, attention shifted today to Philadelphia where a number of investors have been touring the facilities of the Inquirer and Daily News all week.
Executives from a possible fresh suitor–the New York Daily News–are expected to meet today with investment bankers and managers at the two papers.
Marc Z. Kramer, chief executive officer of Daily News L.P., “and half a dozen of his colleagues are scheduled to visit the Philadelphia newspapers’ Broad Street headquarters with investment bankers from Credit Suisse First Boston, according to people familiar with the discussions,” Joseph DiStefano reports in today’s Philadelphia Inquirer. The New York Daily News is owned by Mortimer B. Zuckerman.
The Inquirer counts the Daily News as “among at least five entities that have expressed interest in the Philadelphia newspapers.”
Philip Meyer, Knight professor of journalism at the University of North Carolina at Chapel Hill, told DiStefano that since the New York Daily News is not a public corporation, “Wall Street analysts won’t be looking at your quarter-to-quarter earnings. That’s exactly the relief that the Philadelphia papers need.”
MediaNews is not out of the running, along with several local investor groups and even a group from Canada.