Source: Announcement of Philly newspaper sale to Norcross, others expected Monday
A deal to sell the company that publishes the Philadelphia Inquirer and Daily News to a group of Philadelphia and South Jersey business leaders, including George E. Norcross III, is likely to happen Monday, not today, according to a source familiar with the negotiations.
"It could close today, but more likely Monday," the source said. "There are a zillion things to do." But no business issues are holding up the deal, just legal matters related to the closing are being handled, according to the source.
The buying group includes: Norcross, chairman of Conner Strong & Buckelew and Cooper Health System, and a South Jersey political power broker; K.P. (Kris) Singh, president and CEO of Marlton-based Holtec International; Lewis Katz, who previously owned Kinney System Holding Corp., a major national parking company; Edward M. Snider, chairman of the Comcast subsidiary that owns the Philadelphia Flyers; H.F. (Gerry) Lenfest, a philanthropist who founded The Lenfest Foundation; and William P. Hankowsky, chairman, president and CEO of Liberty Property Trust, of Malvern, Pa.
Edward G. Rendell, the former Philadelphia mayor and Pennsylvania governor, is not a member of the group. "He put the people together. That was his role," the source said.
The deal is "more likely closer to $55 million," not the $60 million that has been reported by other media, the source said.
In 2006, Philadelphia Media Holdings, led by Brian Tierney, paid $515 million, plus assumption of liabilities — which included $47 million in pension liabilities — to get the newspapers. After the group declared bankruptcy in February 2009, its creditors organized as Philadelphia Media Network and won the papers at auction in 2010 for $139 million.
Philadelphia Media Network spokesman Mark Block said the company had no comment.
Contributing: Joe Arney