We told you billionaires have been bidding for bankrupt Philadephia newspapers since the early dawn. Well, it’s all over and a committee of senior lenders won the auction.They purchased Philadelphia Newspapers LLC for $135 million and now own The Philadelphia Inquirer, Daily News, and Philly.com.
The lenders won against a Canadian investment firm and an investment group led by Ron and Raymond Perleman, developer Bruce Toll.
Philadelphia Newspapers has been bankrupt since February 2009. The company bought the papers for $515 million in 2006.
“We didn’t make it,” CEO of Philadelphia Newspapers LLC Brian Tierney told his former newspaper, The Inquirer. “I think I’ll go home tonight and sleep like a baby, which means I’ll wake up every hour crying.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.