Congratulations, ‘Daily News’! All That’s Left Are Slow, Painful Contract Negotiations!

Well hot diggity! The Daily News and Inquirer have apparently found a buyer, and his name is Brian Tierney, a local PR executive.

To put this in perspective, this is essentially the equivalent of Philadelphia Weekly being sold to TS Dominique or Betty 38EE. Except neither Dominique nor Betty allegedly threatened to ruin a reporter’s reputation.

But, actually, it’s not just Tierney (who’s in the photo); the Inqurier notes that the group expected to buy the papers, Philadelphia Media Holdings, includes these luminaties:

Investors in the group are led by Bruce E. Toll, whose brother Robert runs the Toll Bros. Inc. home-construction company, and also includes investment manager Leslie Brun, along with other local business executives whose identity the group has declined to confirm.

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 State Sen. Vincent J. Fumo (D., Phila.) among its influential lawyers; and the Smart & Associates accounting firm, among others. Bank of America, Royal Bank of Scotland, and other banks have agreed to help fund the bid.

To put this in perspective, this is like TS Dominique, Betty 38EE, Bruce Toll, Beanie Sigel, blueberry heir Anthony Dimeo, Rick Mariano, Rick Santorum, President Bush and American Apparel owner Dov Charney forming a coalition to buy PW.

Of course, Tierney — a well-known Republican and Archdiocese of Philadelphia advocate — has pledged to remain out of the newsroom and says his partners will do the same. Fair enough, of course, and hopefully he’ll stick to this promise. (For the record, Yucaipa — no offense to the Newspaper Guild, but thank God they didn’t win; I could never spell this company’s name right — founder Ron Burkle is a buddy o’ Bill Clinton’s.)

What does this all mean? Probably nothing, except that it’s good McClatchey found a buyer that says he’s going to keep both newspapers up and running. Hey, you can only get so much material from Metro — I need the Daliy News.

Deal to buy Inquirer may be near [Inky]
Source: Local group near deal for News, Inquirer [Daily News]
Local newspaper buyers: Be careful what you wish for? [Attytood]