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Philadelphia's Inquirer, Daily News bought for $55 million (by NJ Democrat leader)
NorthJersey.com ^ | April 2, 2012 | JARRETT RENSHAW, STATE HOUSE BUREAU

Posted on 04/02/2012 9:28:39 AM PDT by Lancey Howard

The South Jersey Democrat leader George Norcross and a group of businessman announced today they will buy Philadelphia's two major daily newspapers, The Inquirer and the Daily News, and the website philly.com for $55 million.

The purchase of Philadelphia Media Network Inc. from a group of hedge funds underscored the growing influence of Norcross, 56, a wealthy insurance executive and arguably the most powerful Democrat in New Jersey.

(snip)

"I don't think George is buying this paper because he's a big believer in the first amdendment or because he wants to hold the powerful accountable," Paul Davies, a former deputy editor of the editorial page at the Inquirer, said. "He's buying it to use it as a tool."

(Excerpt) Read more at northjersey.com ...


TOPICS: Culture/Society; Front Page News; Government; News/Current Events; US: New Jersey; US: Pennsylvania
KEYWORDS: 2012; corruption; dailynews; democratmedia; democrats; dnc; dncmedia; elections; enemedia; georgenorcross; inquirer; liberalmedia; liberals; mediabias; msm; norcross; obammedia; pravdamedia

1 posted on 04/02/2012 9:28:47 AM PDT by Lancey Howard
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To: Lancey Howard

In other words, there will be no change in the Democrat / socialist content of the papers’ editorials or the Democrat / socialist spin of their “news” stories.


2 posted on 04/02/2012 9:32:06 AM PDT by Lancey Howard
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To: Tribune7; Kid Shelleen

(( ping ))


3 posted on 04/02/2012 9:35:17 AM PDT by Lancey Howard
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To: Lancey Howard

George Norcross’ slippery insurance deal with Delaware River Port Authority legal in N.J., for now

http://blog.nj.com/njv_editorial_page/2012/04/george_norcross_slippery_insur.html

The political boss George Norcross holds no job or title at the Delaware River Port Authority. Yet in the state comptroller’s scathing report about financial mismanagement there, guess who plays a starring role?

Turns out, Norcross got kickbacks for steering insurance contracts from the state agency, according to the report. And what makes it worse is that using political juice like this, while a crime in some states such as New York, is apparently legal in New Jersey. That clearly needs to change.

State Comptroller Matthew Boxer has just completed an investigation — ordered by the governor — of the DRPA, the agency that controls several bridges connecting South Jersey to Pennsylvania. He found that it’s wasted millions. It sunk tollpayer money into the pockets of friends, political allies and profiteering middlemen, he found. And lo and behold, Norcross stands tall among them.

Not surprising, since the Democratic power broker runs South Jersey — but prefers to do so behind the scenes. Norcross, also the biggest name in the state’s insurance brokerage business, allegedly orchestrated a payment of $410,000 to his own company in return for recommending another insurance broker for the authority.


4 posted on 04/02/2012 9:37:42 AM PDT by kcvl
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To: smoothsailing; kcvl

Ping to post #4.

Democrat corruption worsens, if that’s even possible.


5 posted on 04/02/2012 9:45:27 AM PDT by Lancey Howard
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To: Lancey Howard
Here's a guy, Rendell, who has spent 75% of his life on the public dole since he got out of school in 1968. How does he accumulate so much wealth to become involved in this purchase?

Some notable quotes from this article:

"South Jersey Democrat leader George Norcross and a group of businessman announced today they have agreed to buy Philadelphia's two major daily newspapers, The Inquirer and the Daily News, and the website philly.com for $55 million."

"I don't think George is buying this paper because he's a big believer in the first amendment or because he wants to hold the powerful accountable," Paul Davies, a former deputy editor of the editorial page at the Inquirer, said. "He's buying it to use it as a tool."

6 posted on 04/02/2012 9:46:36 AM PDT by LibFreeUSA (Pick Your Poison)
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To: Lancey Howard
"He's buying it to use it as a tool

that's the best description of media I've read in some time.

At least he's not buying it as an investment!

7 posted on 04/02/2012 9:48:42 AM PDT by the invisib1e hand
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To: Lancey Howard

9 out of 10 crooked characters prefer the Democrat Party.


8 posted on 04/02/2012 9:51:40 AM PDT by Gasshog (going to get what all those libs asked for, but its not what they expected.)
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To: Lancey Howard
Article by Paul Davies:
Paul Davies spent 25 years in the newspaper business,
including stops at the Daily News, the Inquirer and the
Wall Street Journal.

How Ed Rendell Could Ruin Philadelphia’s Newspapers


9 posted on 04/02/2012 9:52:24 AM PDT by LibFreeUSA (Pick Your Poison)
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To: the invisib1e hand
At least he's not buying it as an investment!

Oh, it's an "investment" alright - - just not in the usual way.
Whether or not the newspapers themselves ever actually turn a profit is irrelevant.

10 posted on 04/02/2012 9:57:31 AM PDT by Lancey Howard
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To: Lancey Howard

This is like buying the Titanic after it hit the iceberg. These papers are losing money and readers. They will be bankrupt in a few years. I hope these corrupt Democrats lose millions and are responsible for workers retirement funding after the papers go bankrupt.

Ha. Ha. Lose money corrupt Democrats. Nobody reads the papers anyway.


11 posted on 04/02/2012 10:06:59 AM PDT by detective
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To: Lancey Howard

He is buying a dying newspaper that has lost 90% of its value in a decade.


12 posted on 04/02/2012 10:12:48 AM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: detective

See post #10.

It doesn’t matter how much money the papers lose. The buyers understand that the papers will continue to lose money. That “loss” however, will pale in comparison to how much money this group of rats will rake in by using these papers as “tools” of political influence whether it be by shading editorial content in favor of the rat party, spinning news in favor of the rat party, or spiking stories embarrassing to the rat party.

Believe me, this guy Norcross suddenly has more rat “friends” than ever.


13 posted on 04/02/2012 10:13:38 AM PDT by Lancey Howard
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To: detective

Conservatives shouldn’t buy the paper, read the paper and above all, advertise in either of them. But my hunch is they will...we never really learn how to play the game.


14 posted on 04/02/2012 10:15:43 AM PDT by Russ (Repeal the 17th amendment)
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To: detective

Conservatives shouldn’t buy the paper, read the paper and above all, advertise in either of them. But my hunch is they will...we never really learn how to play the game.


15 posted on 04/02/2012 10:15:59 AM PDT by Russ (Repeal the 17th amendment)
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To: Lancey Howard

Maybe so, but Norcross is a Democrat of the old time hack boss type. This guy is into making money for himself. The fossil Lautenberg isn’t happy about this move. At this moment the Norcross South Jersey machine has launched full scale war against Lautenberg. It will be fun to read the coverage Lautenberg gets from the Philly papers.


16 posted on 04/02/2012 10:38:18 AM PDT by gusty
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To: abb
Some Democrap hacks are getting a big walletectomy ping.
17 posted on 04/02/2012 10:46:50 AM PDT by Zakeet (Obozo is to competent as an Etch-A-Sketch is to art)
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To: Lancey Howard

To me the take away is: $55 million? That’s all?

Their physical plant should be worth more than that, if they scraped buildings and built high rise condos to house the hip youth with their high speed internet who never touch printed anything.

Which would be more value to the future of the area than the continuing a left wing agenda press machine.


18 posted on 04/02/2012 11:06:14 AM PDT by cicero2k
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To: detective
Ha. Ha. Lose money corrupt Democrats.

yeah, 'cept who's gonna bail 'em out!?

19 posted on 04/02/2012 11:36:44 AM PDT by the invisib1e hand
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To: cicero2k
To me the take away is: $55 million? That’s all?

Same here. It reminds me of when Democrat Jane Harmon's (D - CA) husband bought Newsweak Magazine for $1 a few years ago.

The sale comes as Philadelphia Media Network confronts newsroom layoffs in a continuing effort to cut costs amid a decline in print advertising revenue. The company eliminated 45 jobs in March, and last Tuesday said it would cut an additional 35 positions over the next six months.

In 2010, the hedge funds Angelo Gordon and Alden Global Capital, with banks that held the company's debt, bought the company for $138 million.

These hedge fund managers are not stupid. There is a game being played here.

20 posted on 04/02/2012 12:26:45 PM PDT by Lancey Howard
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To: LibFreeUSA
Here's a guy, Rendell, who has spent 75% of his life on the public dole since he got out of school in 1968. How does he accumulate so much wealth to become involved in this purchase?

1) Legalize casino gambling in Pennsylvania
2) Rig the system so the licenses get awarded to your political cronies and friends

21 posted on 04/02/2012 12:34:28 PM PDT by Buckeye McFrog
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