Philadelphia Sale Moves Closer as Pressmen Accept Contract

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By: E&P Staff

Press operators for The Philadelphia Inquirer and the Philadelphia Daily News have accepted a contract negotiated with the prospective new owners of the papers, helping to pave the way to closing the sale of the two papers.

The Inquirer reported that the pressmen, who are represented by a Teamsters local and rejected a previous proposal, voted Tuesday to 48-28 in approval of the newest offer.

Fourteen of the newspapers’ 16 unions have contracts in place with what will become known as Philadelphia Media Network Inc. The former Philadelphia Newspapers’ 16 creditors purchased the two newspapers and Philly.com for $139 million in April at bankruptcy auction. Two unions, representing the papers’ drivers and machinists, have not yet approved new contracts.

Philadelphia Media Network had planned to finalize its purchase of the media outlets Aug. 31, when it was scheduled to emerge from bankruptcy. But if the potential new owners cannot reach contracts with all the unions, the purchase agreement allows the new ownership to walk away from the deal. That deadline was extended to Sept. 14.

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