New York Post: Philadelphia Media Network owners hire investment bankers, sales effort already underway
Tom Paine
The New York Post, following up on its breaking story about the possible sale of Philadelphia Media Network (owner of the Inquirer, Daily News and Philly.com) this past weekend, reported today that the ownership group has hired an investment banking firm, Evercore Partners, to seek out potential buyers.
The article cites sources as saying that the company has met with at least three interested parties already, and some offers are expected in the next two to four weeks. It also says that the family of Raymond Perelman, the 94-year-old Philadelphia businessman who tried to acquire the papers two years ago, is again interested in bidding.
The Post says that investment firm Angelo Gordon initiated the sales process and hoped Alden Capital would buy its 30% stake, but that Alden, which holds a similar stake, decided it wanted to sell as well.
No word from the investors or PMN on these latest reports, the Post says.
The reported price tag of $100 million, compared to the $139 million the buyout group paid to purchase the properties in late 2010, suggests that the turnaround has not been going too well, although they have profited by the sale of the old Inquirer building. See the column by former Inquirer exec Rick Edmonds in yesterday's Poynter for one perspective.
Update: The Inquirer reports that former Philly Mayor and PA Governor Ed Rendell is among those putting together a group to make a bid.
