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Philly auction tomorrow - UPDATE SOLD

Discussion in 'Journalism topics only' started by Moderator1, Apr 26, 2010.

  1. Moderator1

    Moderator1 Moderator Staff Member

    This could get interesting to watch

    http://www.philly.com/inquirer/breaking/news_breaking/20100426_A_day_of_drama_on_eve_of_Inquirer_auction.html
     
    Moderator1, Apr 26, 2010
    #1
  2. Pencil Dick

    Pencil Dick Member

    Re: Philly auction tomorrow

    Wow. How frightening:

    The most contentious part of Monday's hearing dealt with a section of the senior lenders' bid that McMichael said would require the existing company to terminate all its employees, who then would be rehired at the discretion and under the terms of the new owners.

    The provision requires the new owners to rehire just more than 50 percent of the workforce.

    Tierney said the provision "was the worst of my worse fears."
     
    Pencil Dick, Apr 26, 2010
    #2
  3. steveu

    steveu Well-Known Member

    Re: Philly auction tomorrow

    Oh Jesus. A really good paper could go up in smoke. Cross your fingers.
     
    steveu, Apr 27, 2010
    #3
  4. Baron Scicluna

    Baron Scicluna Well-Known Member

    Re: Philly auction tomorrow

    In a perfect world, all the employees would tell the holding company to go to hell and walk. The company would be left with no one to put the paper out.

    Of course, the world ain't perfect, and people have to eat.

    Here's hoping the local group wins, although that's no guarantee of anything either.
     
    Baron Scicluna, Apr 27, 2010
    #4
  5. deskslave

    deskslave Active Member

    Re: Philly auction tomorrow

    http://www.bizjournals.com/philadelphia/stories/2010/04/26/story10.html?b=1272254400^3238901&s=industry&i=media_marketing

    Remember what happened the last time a real-estate guy bought a big newspaper?
     
    deskslave, Apr 27, 2010
    #5
  6. Moderator1

    Moderator1 Moderator Staff Member

    SOLD

    http://www.philly.com/philly/business/20100428_Bidding_finally_begins_to_Inquirer__Daily_News_and_Philly_com.html
     
    Moderator1, Apr 28, 2010
    #6
  7. JayFarrar

    JayFarrar Well-Known Member

    Yep, that's a four hundred million dollar $380 million loss for Brian Tierney and his investors.
    ADD: Bought the two papers in 2006 for $515 million, sold for $135 million
    No matter what you think of the guy, that's gotta hurt.
     
    JayFarrar, Apr 28, 2010
    #7
  8. Ben_Hecht

    Ben_Hecht Active Member


    The guy's publishing hero was Walter Annenberg.

    Guy's eyes were too big for his stomach.
     
    Ben_Hecht, Apr 28, 2010
    #8
  9. Drip

    Drip Active Member

    It's not a happy day at 400 N. Broad. I truloy fear that the days of seeing two papers in Philly are about to soon end. These guys want to recoup their money. They don't give a damn about anything but the almighty dollar. Definitely a dark moment in Philly journalism history.
     
    Drip, Apr 29, 2010
    #9
  10. YankeeFan

    YankeeFan Well-Known Member

    Don't forget the money he lost while operating it.
     
    YankeeFan, Apr 29, 2010
    #10
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