Tuesday, April 27, 2010

Auction Time

The Philadelphia Inquirer and The Daily News will be auctioned off to new owners today. There are three parties interested in the publications so far.

"Pending negotiations with the newspaper company's 4,000 unionized workers are already casting a long shadow over the auction, which will take place in the private offices of a law firm in Manhattan," the Inquirer reported. "All three of the investor groups bidding for the newspapers have put labor contingencies into their bidding proposals, the company's top financial adviser disclosed yesterday at an auction-eve hearing in U.S. Bankruptcy Court."

*Information taken from this article by Joe Strupp.

What do you think this means for Philadelphia media? I've never experienced something like this before in a big city, so I have no idea what to expect!

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