New owners take control of Inquirer, Daily News, and Philly.com

Philly.com ^ | Oct. 9, 2010 | Christopher K. Hepp

[gusopol3]

The bareknuckled bankruptcy proceedings of The Inquirer concluded Friday, thrusting the 181-year-old institution into a new era.

With the electronic exchange of purchase documents, Philadelphia Media Network Inc. formally took control of The Inquirer, the Philadelphia Daily News, and the website Philly.com

Gregory J. Osberg, a former publisher of Newsweek, is Philadelphia Media Network's president and chief executive officer.

Others named to the board...writer Jacob Weisberg, former editor of the online magazine Slate, owned by the Washington Post Co.

[gusopol3]

It looks like it's going to be the same old stuff.

[Tallguy]

Yeah, this’ll work!

[gusopol3]

I bought them both the other day for the Halladay keepsake value. Maybe if they just eliminated the editorial section altogether I could stomach it.

[Special Agent Anthony DiNozzo]

This is a strange, strange story.
 
An investment group which includes the O-I-C-O [Obama Influenced and Corrupt Organization] Credit Suisse just so happens to have a radical bolshevik like Jacob Weisberg on the scene, ready to hit the ground running?
 
This one stinks to high heaven.

[gusopol3]

It’s amazing how many media outlets want to appeal to the MSNBC crowd

[pnh102]

It’s amazing how many media outlets want to appeal to the MSNBC crowd

I'll bet that is because that crowd is the only one that buys newspapers. Conservatives for the most part abandoned newspapers ages ago because they were too liberal. We found that talk radio and the Internet provided the service that we would have wanted newspapers to provide.

Even if a newspaper did lean right, I probably would not buy it, because I am so used to now using the Internet to get my news.

[Special Agent Anthony DiNozzo]

It’s amazing how many media outlets want to appeal to the MSNBC crowd
 
It's much deeper than that though.
 
"Hedge funds and investment banks" [as quoted from the article] have no business whatsoever sinking all this money into an enterprise which they know [with absolute certainty] is doomed to failure.
 
Unless, of course, they intend to purchase some influence via the transaction.
 
This just reeks of the sorts of Credit Suisse / Goldman Sachs shenanigans which put Obama in the White House.
 
I am warning you - these are bad, bad people who are involved in this investment group.
 
Keep an eye on them:

The largest stakeholders include Alden Global Capital; Credit Suisse; Northwood Capital; and Angelo, Gordon & Co...

[gusopol3]

Thanks

[FloridaSunrise]

I can’t believe that the Philadelphia Daily News is still around.

[Steely Tom]

The bareknuckled bankruptcy proceedings of The Inquirer concluded Friday, thrusting the 181-year-old institution into a new era.

The "proceedings" tend to get pretty "bareknuckled" when one side has no money and no options and nonetheless takes the attitude that they're doing the other side a favor and proceeds to start telling the folks with money how it's going to be.

[SanFranDan]

When I read the names Newsweek and Washington Post Co in the body of the article, I knew that the printing press doesn’t fall far from the liberal, bias tree and whatever may have been possible is no more.

Newsweek: Gregory J. Osberg, a former publisher of Newsweek, is Philadelphia Media Network’s president and chief executive officer.

Washington Post Co: Others named to the board...writer Jacob Weisberg, former editor of the online magazine Slate, owned by the Washington Post Co.

[gusopol3]

Here’s something even harder to believe: So’s Bill Conlin!( the sports columnist, just in case you’re not the ex-Philadelphian I presume from your comment)