This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Business Mogul Mulls New Bid For Philly Newspapers


PHILADELPHIA (AP) â¿¿ Business mogul Raymond Perelman is mulling another bid for Philadelphia's two largest newspapers, more than a year after creditors outbid him at a bankruptcy auction.

Perelman bid $129 million, mostly cash, for The Philadelphia Inquirer, the Philadelphia Daily News and at the September 2010 auction. Earlier this week, the New York Post reported that Philadelphia Media Network was again in play because two hedge funds want to sell their stakes.

The 94-year-old Perelman said Friday that he's looking at the situation but conceding that the newspaper industry is "deteriorating."

"I think Philadelphia should have a newspaper, but how far do you go to do that, you know? That's the key question," he said. "At the right price and the right situation, it would happen. But at a price that's really high, you have to think about it."

Philadelphia Magazine, meanwhile, reported that former Gov. Ed Rendell, a former Philadelphia mayor, is also interested. His spokeswoman didn't return a message Friday.

Perelman, whose wealth comes from manufacturing, mining and financial concerns, together with his late wife has donated $225 million to the University of Pennsylvania medical school and made sizable gifts to the Philadelphia Museum of Art and other causes. His son, Revlon Inc. Chairman Ronald O. Perelman, joined him in the 2010 newspaper bid.

The Post reported earlier this week that Alden Global Capital hoped to sell the company for $100 million and cash out its 30 percent stake. On Friday, the Post said another key stakeholder, Angelo Gordon, also wants to cash out. The newspaper reported that Evercore Partners, a New York investment bank, has been hired to handle the sale. Evercore, through an external spokeswoman, declined to comment Friday.

Philadelphia Media Network officials aren't commenting on the reported sale, spokesman Mark Block said Friday.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs