The Philadelphia Inquirer, Daily News, and Philly.com 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.
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There are already plans to cut 45 positions this month, 40 of those jobs coming from the newsroom.