The New York Post is reporting on the mystery behind the money that is sponsoring a bid by the Newspaper Guild to buy The Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com website and end the battle between the principles of its current owner, Interstate Media General.
The battling factions are led by one-percenter Democrat big wheel and New Jersey insurance executive George Norcross III, and one-percenter Democrat donor Lewis Katz, the former owner of the New Jersey Nets.
Norcross has acquired 58 percent of Interstate Media General.
The Inquirer and Daily News were purchased by Philadelphia Media Holdings headed by Brian Tierney for $515 million in 2006.
In September 2010, they were sold at a bankruptcy auction to Philadelphia Media Network for $139 million. This group of socially correct businesspersons sold the Inquirer Building on North Broad Street to developer Bart Blatsein of Tower Investments in 2011 and then the husk of the company on April 2 to Interstate Media for $55 million.
The Inquirer circulation as of May 2013 was 184,827 on the print side, and this includes the Daily News, which once upon a time had a circulation by itself of the much.
In Philadelphia, nearly nobody reads this garbage.
So, where exactly did the Guild find a sucker?
Hat tip Bob Guzzardi