Ex-gov, Flyers owner may bid on Philly newspapers

News: Page (1) of 1 - 02/03/12

Ex-gov, Flyers owner may bid on Philly newspapers Ex-gov, Flyers owner in group that may bid to buy Philadelphia newspapers from hedge funds By The Associated Press

PHILADELPHIA (AP) ' Former Gov. Ed Rendell and Philadelphia Flyers owner Ed Snider are among six people mounting a potential joint bid for Philadelphia's largest newspapers.

Rendell said Friday that the group also includes New Jersey powerbroker George Norcross.

He says they submitted a non-binding letter of interest Thursday in buying Philadelphia Media Network.

The company operates The Philadelphia Inquirer and Philadelphia Daily News. Creditors bought it for $139 million in a 2010 bankruptcy sale.

Rendell couldn't confirm a report that two hedge funds now want to sell. But he says a third party has been seeking potential investors.

Rendell says his group is committed to keeping strong newspapers in the community and is less concerned about short-term profits.

He says the group would fight to keep both newspapers open.

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Keywords:Philadelphia Newspapers,Newspapers,Media and entertainment,Industries,Business,News media,Media,Financial services
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