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Report: 'Inquirer', 'Daily News' Shopping For New Owner

By Mark Abrams

PHILADELPHIA (CBS) - The Philadelphia Inquirer and Daily News may once again be headed for new ownership.

The New York Post reported over the weekend that the owner, Philadelphia Media Network, is already meeting with potential buyers.

The report claims Philadelphia Media Network is hoping to get roughly $100-million for the papers and news website

The story quotes sources close to the situation as saying the company already is looking for bids in an auction or sale of the properties in the coming weeks.

So far, publisher Greg Osberg and executive vice president Bob Hall have not returned calls from KYW Newsradio seeking comment on the story.

Bill Ross, executive director of the Newspaper Guild of Greater Philadelphia, says he was caught off guard by the story. "I was quite surprised. And, I was, I think more surprised that we haven't heard anything from Philadelphia Media Network either in writing or any type of press release."

Ross says local managers so far have been silent, "We just let our members know with a bulletin that's also on our website, basically a link to the New York Post report and that we will get any information from the company as soon as we hear it."

The Post report says Alden Global, one of the hedge funds which has a 30% stake in the papers, is behind the push for the sale.

Alden Global owns the Journal Register Company, which publishes several suburban daily newspapers in the region.

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