PHILADELPHIA INQUIRER: A group of local investors reportedly has offered to pay $60 million to acquire the parent company of The Inquirer, the Philadelphia Daily News, and Philly.com.
Those investors, led by businessman Lewis Katz and insurance executive and New Jersey Democratic leader George E. Norcross III, are seeking to buy Philadelphia Media Network Inc. from a collection of hedge funds and financial investors that has owned the media company since October 2010.
The Daily News said it had obtained a letter of intent, dated March 20, that was addressed to Evercore Partners Inc., the New York investment-banking firm handling the sale of PMN, and signed by Katz and Norcross…. (more)
