Hope Yet for a Free Press in Philadelphia!

Source: Local group near deal for News, Inquirer
By WILL BUNCH
bunchw@phillynews.com 215-854-2957

A deal is "imminent" for a local group headed by longtime public-relations executive Brian Tierney to buy the Daily News and the Inquirer, according to a source familiar with the negotiations with California-based McClatchy Co., which is spinning off the two papers from current owner Knight Ridder Corp.

The source said the talks were at the "1-yard line" last night and that a deal with Tierney's group, Philadelphia Media Holdings, could be announced sometime this week. No terms were disclosed, although it has been expected that the Daily News and Inquirer will fetch more than $500 million.

The potential deal would inaugurate a new era in Philadelphia journalism and would be good news for the Daily News. Tierney has pledged not to close the People Paper and to instead try to use his local connections and marketing savvy to grow the newspaper and its advertising. Five other bidders have been identified as vying for the Philadelphia newspapers, and at least one had threatened deep cuts to reporting staffs.

People familiar with the negotiations cautioned that while an end to the saga - which began when Knight Ridder was put up for sale last fall - appears to be at hand, the deal is not final.


The TrekMedic Notices: Oddly enough, local news radio station KYW-1060 felt it necessary to make this comment:


A sale to Tierney's Philadelphia Media Holdings would put the papers under the control of a local group instead of a Wall Street conglomerate. It would also be seen as a welcome sign for the Daily News. Tierney has said he would not close the Daily News.

Tierney is active in local Republican politics, but he has promised to keep his interests on the business side and out of the newsroom.

Hmm,...would it have made any difference if the paper was being sold to electrical union chief goon and Philadelphia Democratic Party treasurer John Dougherty instead?