Report: Philly papers hire firm to find buyer

The New York Post reports today that Inquirer and Daily News parent Philadelphia Media Network (PMN) has hired Evercore Partners to find a buyer for the papers. PMN’s CEO sent this no-comment memo to staff shortly after noon:

From: Osberg, Greg
Sent: Fri 2/3/2012 12:06 PM
To: All Philly.com Employees; All PMN Employees
Subject: Update

In today‚Äôs NY Post, there is another article citing the possibility of a sale of Philadelphia Media Network. Given the quality of our local media franchise, we receive frequent inbound interest. We will not comment on rumors as we continually evaluate the operations and prospects for the company to determine the best course of action for our shareholders and the company. The best thing for PMN, our customers and our shareholders is to continue to enhance the products, editorial and operational excellence that we deliver to the Philadelphia region every day. Let’s continue to work hard to make 2012 a success.

Best,
Greg

Meanwhile, Philadelphia Magazine reports former Pennsylvania Gov. Ed Rendell is eyeing the papers.

Comments

comments