Philadelphia Newspapers Sold Again

The Philadelphia Inquirer and Daily News were sold to a group of local businessmen

The Philadelphia Inquirer, Daily News, and has been sold to local investors for $55 million. The announcement came late Monday morning, as anticipated.

Three local businessmen purchased the newspapers -- H.F. "Gerry" Lenfest, New Jersey Democrat George Norcross III and Lewis Katz, the former owner of the New Jersey Nets. The buyers formed a new company called "Interstate General Media LLC."

This is the fifth time in the last six years that the newspapers will change hands.

In 2006, the purchase price was $515 million. In 2010, it was sold for $139 million at a bankruptcy auction.

There are already plans to cut 45 positions this month, 40 of those jobs coming from the newsroom.

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