Articles > Newspapers > U.S. Newspapers, Major Markets > The Philadelphia Inquirer (Philadelphia, PA) news wires > May 2006

Article: Price for Philly papers didn't surprise analysts, but winning bid did.

Article from:
The Philadelphia Inquirer (Philadelphia, PA)
Article date:
May 24, 2006
Copyright

Byline: Joseph N. DiStefano

PHILADELPHIA _ Here's how a mixed group of local investors beat veteran newspaper operators and giant investment funds to win the auction for Philadelphia Newspapers Inc.:

"They bid more, because they wanted it more," Deutsche Bank analyst Paul Ginocchio said Wednesday.

That's what Philadelphia Media Holdings Inc. general partner Brian P. Tierney predicted all along: that he would be able to bid a little more because he and other Philadelphia investors didn't expect the immediate high returns his Wall Street and newspaper chain rivals demand.

The winning offer from Philadelphia Media, announced Tuesday, ...

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