Reports: Norcross getting Philadelphia newspapers

It seems pretty definite now that that South Jersey political boss Norcross is getting the Philadelphia newspapers. This is the Philly.com version reporting rumors about itself being sold on Monday:  

The investor group has spent much of the last two months negotiating to acquire PMN from its hedge-fund owners in a transaction valued at between $55 million and $60 million, according to multiple reports.

The buyers of Philadelphia Media Network Inc. are a group of local investors, led by George E. Norcross III…

Other versions of the story are at the New York Times and  Jim Romenesko, so it seems pretty solid.  

Reports: Norcross getting Philadelphia newspapers

The New York Times Media Decoder blog cites “several people” that the Philadelphia papers will fall into the hands of Norcross:

The sale could come as early as Friday to a consortium that includes George E. Norcross III, a Democratic power broker in South Jersey..

They also note that Jim Romensko’s blog broke the story.

I pledged to be “hopeful.” So, at least there might be more coverage of New Jersey.

Comments (26)

  1. 12mileseastofTrenton

    Using the kickback money to buy the paper that ran the story the other day about one of his kickback schemes.  Gotta love the circle of corruption.

    Reply
  2. firstamend07

    PMN needed new LOCAL leadership and this group of buyers will make sure PMN succeeds.

    Citizen Norcross helped save Cooper Hospital and I am confident he will use his business savvy to make this turnaround.

    This is great news for South Jersey and our region.

    Strong,vibrant newspaers are the key to a strong vibrant region.

    Unfortunately some predictable naysayers will once again use this forum to attack citizen Norcross but most of us see what a great thing this is for PMN,its employees,and the region.

    Good luck and keep the presses ( and website!philly.com) going!

    Reply

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