Tierney loses battle to keep papers and Philly.com
Creditors today won their long battle to take ownership of the Philadelphia Inquirer, Daily News and Philly.com.
Creditors today won their long battle to take ownership of the Philadelphia Inquirer, Daily News and Philly.com.
The creditors, which are owed more the $300 million, won the property with a bid worth about $135 million.
CEO Brian Tierney has said the company should stay in the hands of local owners.
Three groups had entered the bidding war for the paper, which started in the wee hours. One group included local investors allied with the current management. Another group is comprised of the company’s creditors. And the third was a Canadian company. The Canadian company never entered a bid.
The creditors say it’s likely the papers will get smaller, but they had backed off from the idea of laying off the whole workforce and hiring back a percentage.
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