A Deal Is Said to Be Close for 2 Papers in Philadelphia

A DEAL IS SAID TO BE CLOSE FOR 2 PAPERS IN PHILADELPHIA
[SOURCE: New York Times, AUTHOR: Katharine Seelye & Julie Bosman]
A group of Philadelphia investors is close to striking a deal to buy The Philadelphia Inquirer and The Daily News from the McClatchy Company, a person close to the negotiations said yesterday. If the group's bid is accepted, an agreement could be announced as early as today. But details remain unresolved, the person said, and a deal could still fall through. The sale under discussion could bring close to $500 million to McClatchy, which bought 32 Knight Ridder newspapers in March and put 12 of them up for sale. Leading the group of Philadelphia investors is Brian P. Tierney, a Philadelphia advertising and public relations executive who has joined forces with Bruce Toll, a founder of Toll Brothers Inc., the home building company.
http://www.nytimes.com/2006/05/23/business/media/23paper.html
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