Philadelphia dailies one step closer to a new owner

    The Philadelphia Inquirer, Daily News and went up for a second auction last week, and a bankruptcy court judge has approved the reorganization plan for Philadelphia Media Network. PMN will make a second try at contract agreements with the news outlets before a deadline of this Friday, October 8.

    The bankruptcy sale of Philadelphia’s daily newspapers is on track to close this week after a bankruptcy judge in Philadelphia confirmed a reorganization plan.

    The prospective new owners of the Inquirer, Daily News and say they’ll close the deal by Friday October 8th.

    “Today was a significant step forward to the long awaited close of this transaction,” said Greg Osberg, Publisher and CEO of Philadelphia Media Network, the would be owners. “We look forward to operating the company out of bankruptcy, revitalizing the papers immediately – the Inquirer and the Daily News – and building the most successful regional portal in the country.”

    The same group failed to close the deal after winning an April auction – because it couldn’t agree on a contract with the Teamsters.  That contract still has not been settled.

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