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Article: Philadelphia Papers File Chapter 11; Owner of Inquirer and Daily News Seeks to Restructure Debt
- Article from:
- The Washington Post
- Article date:
- February 23, 2009
- Author:
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When Brian Tierney bought the Philadelphia Inquirer and Daily
News in 2006, he boasted that he would improve the newspapers
through smart management and an intense focus on local news.
"We don't need a Jerusalem bureau," he said. "What we need are
more people in the South Jersey bureau."
It didn't work. The group that bought the papers for $562
million, led by Tierney, an advertising and public relations
executive, filed for Chapter 11 bankruptcy protection yesterday.
Tierney said in a statement that the filing would not interrupt
the daily operation of the newspapers. They now join Tribune Co.,
publisher of the Chicago Tribune, Los Angeles Times and Baltimore