This Day On The Street
Continue to site
ADVERTISEMENT
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

APNewsBreak: Perelman Denied Bid On Pa. Newspapers

MARYCLAIRE DALE

PHILADELPHIA (AP) â¿¿ Philanthropist Raymond Perelman says he has been "excluded" from the sale of The Philadelphia Inquirer and the Philadelphia Daily News days after former Gov. Ed Rendell and others announced a play for the company that owns them.

Perelman urged the company, Philadelphia Media Network, to conduct a fair and open sale of its assets. He said in a letter to the company's board he was "dismayed" to learn he and others were excluded from the process.

He sent the letter Wednesday, a day after a journalists' union, the Newspaper Guild, met with managers of the newspapers' owner to complain that two stories this week about another potential bidder, developer Bart Blatstein, had been censored.

"Nothing is more important to me than continuing the strong tradition of journalistic integrity in our local papers and making sure the Inquirer and Daily News are preserved for the people for generations to come," Perelman said in his letter, which The Associated Press obtained Thursday.

Perelman was told the bidding is closed and was denied the customary chance to review the company's financial books, according to a person familiar with Perelman's effort but not authorized to speak for him. That person talked Thursday to the AP on the condition of anonymity.

The company had no comment on the Perelman letter, spokesman Mark Block said.

Rendell's team of investors includes Philadelphia Flyers owner Ed Snider, New Jersey Democratic powerbroker George Norcross and others. Rendell, a Democrat, told reporters on Feb. 3 that the group had submitted a non-binding letter of interest a day earlier. He called it a civic-minded group with deep pockets that did not need to turn a quick profit on the venture.

Rendell declined to comment Thursday on the sale process.

The presumed sale of the city's two largest dailies comes less than 18 months after hedge funds paid $139 million to top Perelman at a bankruptcy auction. Perelman and his son, billionaire Revlon Inc. chairman Ronald Perelman, bid at least $85 million in cash.

1 of 3

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
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs