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.
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.