Philadelphia Media Network CEO Greg Osberg has responded to the New York Post story about Alden Global selling its stake in the Inquirer and Daily News. “A single minority owner does not have the right to sell the entire company, only their percentage of ownership,” he writes.
From: Osberg, Greg
Sent: Monday, January 30, 2012 2:19 PM
To: All Philly.com Employees; All PMN Employees
In yesterday’s NY Post there was an article on Alden Global, one of our minority owners. The article discusses some of Alden’s current media investments and speculates what they may be doing in the future. As one of Philadelphia Media Network’s minority shareholders, Alden and other shareholders, have the right to increase or decrease their ownership stake with existing shareholders, or new shareholders at anytime. This type of activity has been taking place since PMN was created in October 2010. A single minority owner does not have the right to sell the entire company, only their percentage of ownership.
If you have any questions on this article, your departmental leaders have been briefed and they are prepared to meet with you. Please stay focused on the tasks at hand so we can achieve our 2012 goals.