So the deal is done, for the formerly Knight-Ridder-owned Philadelphia area newspapers Philadelphia Inquirer and Philadelphia Daily News , and related media assets including Philly.com: they have been sold to Philadelphia Media Holdings for about $562 million. PMH was formed by a group of local investors headed by advertising executive Brian Tierney for the purpose of acquiring these assets.
McClatchy will receive $515 million in cash proceeds, and PMH will assume $47 million in pension liabilities. “We now have agreements to sell six of the 12 papers to be divested, and we are confident the remaining six will sell for prices that will put total receipts above $2 billion, as we projected,’ said Gary Pruitt, CEO of McClatchy, in a statement.
Lot more details in the release.