The Philadelphia Media Network has completed its acquisition of the Philadelphia Inquirer, Daily News and Philly.com, enabling the newspapers and web site to formally emerge from federal bankruptcy.
The sale brings a successful close to the arduous 20-month long bankruptcy proceeding, overseen by U.S. Bankruptcy Judge Stephen Raslavich, which began when former owners Philadelphia Newspapers LLC filed for Chapter 11 reorganization in February 2009 after defaulting on its debt of more than $400 million.
“We are pleased to finally begin operating the newspapers and Philly.com, and we believe that the company has tremendous potential as we build out our brands in the great city of Philadelphia, the fourth largest media market in the nation,” said Publisher and CEO Gregory Osberg. “We are committed to the long-term growth of the newspapers and the web site, and can’t wait to get started.
“We have some of the finest journalists in the world working in Philadelphia, and we will dedicate ourselves to creating compelling content across a variety of platforms that will make it easy, informative and fun for our customers to get relevant regional news and information for their business and personal lives.”
Osberg, who grew up in the Philadelphia area and graduated from Conestoga High School in 1975, takes over as Publisher and CEO after a 30-year news career as President and Worldwide Publisher of Newsweek and Newsweek.com, as well as various leadership positions at CNET and U.S. News and World Report. He has been a pioneer at integrating various platforms of content and business operations.
USA, Philadelphia, PA