Developer plans to make bid for Philly newspapers

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Associated Press

Posted on February 7, 2012 at 5:01 PM

Updated Tuesday, Feb 7 at 5:02 PM

PHILADELPHIA (AP) — A real estate developer says he and four partners plan to make an offer to buy Philadelphia's two largest newspapers.

Bart Blatstein said Tuesday he plans to pursue an acquisition of some or all of the assets of Philadelphia Media Network, which operates The Philadelphia Inquirer, the Philadelphia Daily News and their shared philly.com website.

Philadelphia Media Network spokesman Mark Block says the company is not in discussions with Blatstein.

Last week, news reports said two hedge funds with major stakes in the company want to sell. The firms led creditors' $139 million takeover of the company at a September 2010 bankruptcy auction.

Former Pennsylvania Gov. Ed Rendell (ren-DEHL') said last week he and Philadelphia Flyers owner Ed Snider were leading a separate effort to buy the newspapers.

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