This morning, three billionaires will battle to purchase the bankrupt Philadelphia Newspapers LLC, which owns The Philadelphia Inquirer, Daily News and the’ website Philly.com.
Ron and Raymond Perleman and developer Bruce Toll are financing a local investment group that’s up against two other bidders: one of Philadelphia Newspapers’ lenders and a Canadian investment firm.
California billionaire Ron Burkle had originally been backing the investment group. But The New York Times reports that he stepped aside yesterday and was replaced by the Perelmans. Read more at The New York Times >
Philadelphia Newspapers has been bankrupt since February 2009. It bought the papers for $515 million in 2006.
The auction starts at 11 a.m. in the New York office of the law firm that reps the company.
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