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PHILADELPHIA, May 22, 2006 (UPI via COMTEX) -- A Philadelphia-area group appears close to buying the city's two main dailies from the McClatchy Co.
Philadelphia Media Holdings, a group organized by local advertising and public relations executive Brian P. Tierney, are believed to be offering more than $500 million for the two newspapers.
PMH investors are led by Bruce E. Toll, whose brother Robert runs the Toll Bros. Inc. home-construction company, and also includes investment manager Leslie Brun, the Philadelphia Inquirer reported Monday.
The group's advisers include NewSpring Capital of King of Prussia; Doug Alexander of Internet Capital Group; the Philadelphia-based Dilworth Paxson law firm, which counts influential state Sen. Vincent J. Fumo, D-Philadelphia, among its lawyers; and the Smart & Associates accounting firm.
Bank of America and Royal Bank of Scotland, among others, have agreed to help fund the bid.
The development marks a setback for The Newspaper Guild which had supported a rival bid by Yucaipa Cos. of Los Angeles, headed by investor and frequent Democratic Party contributor Ron Burkle.
URL: www.upi.com Copyright 2006 by United Press International
