The hedge fund that owns a “significant stake” in Philadelphia Media Network Inc. which is the owner of the Philadelphia Inquirer and Philadelphia Daily News, has acquired Journal Register Co. of Yardley, Pa. which owns just about all the other print publications in the Philadelphia area including most of the weeklies.
JRC banners include the Trentonian of Trenton, N.J., The Daily Times of Delaware County, The Daily Local of Chester County, The Mercury of Pottstown, and the Times Herald of Montgomery County.
The hedge fund is Alden Global Capital which has offices in New York, Dallas, Mumbai and Dubai.
Once, this type of monopoly would have been something to be concerned about but times change.
JRC and Philadelphia Newspapers LLC., which was the subsidiary of Brian Tierney’s Philadelphia Media Holdings, Inc. that previously owned the Inquirer and Daily News, filed for bankruptcy in the same week in February 2009.
There are decent people in both companies and I sincerely wish them all the best.
Old Media Monopoly In Philly, Yawn