Lenfest: Announcement could come Monday on Philadelphia Media Network sale

    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    Business magnate Raymond Perleman has already withdrawn from the group because he would not have been a majority owner.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.

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