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Article: Philadelphia Media Holdings, LLC Acquires The Philadelphia Inquirer, Daily News and Philly.com.
- Article from:
- PR Newswire
- Article date:
- May 23, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHILADELPHIA, May 23 /PRNewswire/ -- Philadelphia Media Holdings, LLC, a private investment group led by advertising executive Brian P. Tierney and Bruce E. Toll, a co-founder of Toll Brothers Incorporated, today announced that The McClatchy Company has accepted its bid of $515 million in cash and $47 million in assumed pension liabilities to acquire The Philadelphia Inquirer, the Philadelphia Daily News and related media assets including Philly.com.
Philadelphia Media Holdings was formed in 2006 for the purpose of acquiring the Inquirer, Daily News and related online assets, and is comprised of local Philadelphia-area investors.
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