Philly Newspapers' Owners Promote Virtues of Local Ownership in Publicity Blitz

By: MARYCLAIRE DALE Investors in Philadelphia's two major newspapers are promoting the virtues of local ownership as they battle creditors for control of the company.

The local owners ? led by housing entrepreneur Bruce Toll and former public relations executive Brian Tierney ? are trying to shed about $400 million in debt.

As the bankruptcy battle heats up, they are waging a "Keep It Local!" publicity blitz. Stickers and promotions appear in The Philadelphia Inquirer and Philadelphia Daily News and on the Web site.

The company's restructuring plan would repay creditors 20 to 30 cents on the dollar.

The current owners say employees and readers are better off with them in charge.

Creditors ? including banks and hedge funds ? have so far balked at the plan.


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