Posted on 02/12/2009 8:32:09 AM PST by curth
The Bulletin and other media outlets have recently disclosed ongoing discussions between Pennsylvania Gov. Ed Rendell, D, and Philadelphia Media Holdings (PMH) Publisher and CEO Brian Tierney. A possible taxpayer bailout of the struggling media company stands at the heart of the issue.
PMH bought the Philadelphia Inquirer and Daily News in 2006 for $562 million, and approximately $400 million remains in debt. The company defaulting because it has not made a payment on its loan since June of last year.
There has been significant public opposition to a media entity seeking financial support from the government, including a Wall Street Journal editorial labeling it “the worst bailout idea so far.”
Despite this, the governor’s press secretary, Chuck Ardo, stated earlier this week that Mr. Rendell is still open to continuing the bailout discussions.
Complicating the matter are contradictory statements made by Mr. Ardo and Mr. Tierney.
According to a story on KYW News Radio, Mr. Ardo said there were discussions about state agencies renting space in the newspapers’ building.
Additionally, Mr. Ardo stated that some bailout conversations involved two of Pennsylvania’s large state pension boards, the State Employees Retirement System (SERS) and the Public School Employees Retirement System (PSERS).
“I don’t know the specifics of the conversations, but the governor did suggest that Mr. Tierney speak with the pension boards to see what kind of arrangements could be worked out,” Mr. Ardo was quoted as saying on KYW.
Mr. Tierney made a contradictory statement, according to the news radio website, by claiming that discussions did not involve the use of pension fund dollars to buy any of the papers’ debt.
Yet according to a Jan. 31 article in the Inquirer, “Gov. Rendell said he arranged a recent meeting between the publisher of The Inquirer and Daily News and the two largest state employee pension funds in hopes of helping the newspaper company lessen its large debt burden.”
The Inquirer gave Ed Rendell a front page Lewinsky before the election.
Tierney let Rendell prattle on about how he sold the Pennsylvania jet for more than they paid for it and mocke Palin for considering the eBay route.
Few “small” problems with the “reporting” like it wasn’t the same plane when they sold it. It had been upgraded and has recent engine overhauls which dramatically increases its’ value. Facts that the Inquirer’s Harrisburg Bureau Chief could have found on the state’s ad for the plane, but decided to swallow.
Also, there was the swipe about Palin using eBay where Fast Eddie didn’t. Swallowing hard, the Inquirer did not mention that Rendell sold the nail clipper TSA confiscated from Grand Pa. And sold it on,....oh...I gues....eBay!!!
PA collects TSA confiscated items from 13 major airports in 7 states, has PA state emplotees sort it and them puts it on eBay. But you won’t read about that in the Inquirer.
The Inquirer isn’t a newspaper anymore, it’s a jornalistic blue stained dress.
IF IT FEELS GOOD, DO IT.
How that is even remotely Constitutional escapes me.
A newspaper beholding to unions is the new definition of "independence".
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.