From the PHILADELPHIA INQUIRER OP-ED:
Today’s auction of the company that publishes The Philadelphia Inquirer and Daily News will determine who owns the city’s major daily newspapers as they emerge from bankruptcy. It will also help determine whether – and in what form – one or both papers survive.
The idea that the nation’s sixth-largest city could be without a daily newspaper would have been unthinkable a decade ago, and even now the odds are against such a dire outcome. But the mere possibility says much about the state of the American news industry.
In announcing the company’s bankruptcy filing last year, CEO Brian Tierney said, “In the last two years, we experienced the rare trifecta of a dramatic decline in revenue, the worst economic crisis since the Great Depression, and a debt structure out of line with current economic realities.” …
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