Wealthy Developer May Open Rival Philly Paper

Wealthy developer threatens to open a rival Philly newspaper unless he can bid on Inquirer and Daily News.

A wealthy developer is vowing to open a rival newspaper unless he can bid on The Philadelphia Inquirer and Philadelphia Daily News.
Bart Blatstein, who already owns the building housing both newspapers, and philanthropist Raymond Perelman say they've been excluded from any potential sale of Philadelphia Media Network. The company operates the publications and the Philly.com website.
Creditors paid $139 million for the newspapers at a 2010 bankruptcy auction, but have not said if they'll sell.
But former Democratic Gov. Ed Rendell said last week that an investment group he leads _ including Philadelphia Flyers owners Ed Snider and New Jersey Democratic figure George Norcross _ filed papers and planned to bid.
Blatstein says he has money to fund a newspaper for the long haul.

Copyright AP - Associated Press
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