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 ...
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.
(( ping ))
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 comptrollers 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 its 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 states insurance brokerage business, allegedly orchestrated a payment of $410,000 to his own company in return for recommending another insurance broker for the authority.
Ping to post #4.
Democrat corruption worsens, if that’s even possible.
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."
that's the best description of media I've read in some time.
At least he's not buying it as an investment!
9 out of 10 crooked characters prefer the Democrat Party.
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.
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.
He is buying a dying newspaper that has lost 90% of its value in a decade.
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.
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.
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.
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.
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.
yeah, 'cept who's gonna bail 'em out!?
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.
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