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McClatchy Co. Sells Philadelphia Newspapers to Local Investors

Published on May 23, 2006
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The McClatchy Company announced yesterday that it had sold The Philadelphia Inquirer along with its sister paper, the Daily News, to a group of local investors new to the newspaper world for $562 million, paying $515 million in cash and assuming $47 million in pension liabilities, writes The New York Times. "The next great era of Philadelphia journalism begins today with this announcement," said Brian Tierney, a lead investor and ad executive.
Related categories: Print, Acquisitions/Biz Buzz, Media Buying, Integrated/Cross-Media/Convergence, Media Department, Media Planning, Newspapers, Demographics,

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