Philadelphia Inquirer, Philadelphia Daily News and Philly.com Sold at Auction
Well guess what you can buy for a cool $88 million? Yep, two newspapers and a website in the nation's fifth largest market.
And that's just what a group led by Lewis Katz and H.F. Gerry Lenfest did on Tuesday. They bid $88 million at a court ordered auction, and won control of the parent company of the Philadelphia Inquirer, Philadelphia Daily News and Philly.com.
The entity's ownership has shifted five times since 2006. And with the ever changing generational, technology,and cultural shifts going on in today's marketplace this may not be the last sale. Internally there's a battle over whether the focus should be hyper-local journalism, investigative stories, or growing the site Philly.com (which some have described as a competing newsroom).
The media marketplace of today is littered with the carcasses of big city newspapers that couldn't adapt. Many of the fundamentals are not in place to stay relevant and profitable.
So what do you think?
READ MORE AT bizjournals.com http://bit.ly/1jYCAWE
Philadelphia Inquirer, Philadelphia Daily News and Philly.com with an $88 million bid at an auction http://bit.ly/1jYCAWE