Media blogger Jim Romensko says “there are reports” in the newspapers’ newsrooms that the sale of Philadelphia Media Network will be announced Friday.
A group of investors, led by businessman Lewis Katz and New Jersey Democratic political powerhouse George E. Norcross III, is seeking to buy the Inquirer, Daily News and Philly.com from a group of hedge funds and financial investors that acquired the company after its previous owner declared bankruptcy in 2010.
Update, 12:50 p.m. TV mogul Gerry Lenfest tells the Associated Press an announcement could me made Monday. Lenfest is a partner in the deal alongside Norcross and Katz.
Business magnate Raymond Perleman has already withdrawn from the group because he would not have been a majority owner.
PMN Spokesman Mark Block declined to comment on the report that a deal is imminent.