The creditors paid $139 million for the company after forcing the sale when local investors who paid $515 million for the company in 2006 missed debt payments in early 2009. The creditors have since sold the iconic newspaper building and plan to move staff to much smaller space in a long-vacant department store this year.Some editorial functions will be merged, but the company wants to maintain separate brands for the broadsheet Inquirer and tabloid Daily News, along with the website and a new weekend publication called SportsWeek, according to Bill Ross, executive director of the local newspaper guild.
Business Mogul Mulls New Bid For Philly Newspapers
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