Company sells building housing 2 Philly newspapers

AP News
Posted: Jul 28, 2011 4:57 PM
Company sells building housing 2 Philly newspapers

The owner of The Philadelphia Inquirer and Philadelphia Daily News is selling the newspapers' downtown headquarters to a local real estate developer.

Philadelphia Media Network announced Thursday that it has agreed to sell the 18-story building to Bart Blatstein, of Tower Investments, for an undisclosed price.

The building was erected in 1925 and houses both newspapers and their shared website, The Inquirer reports its parent company is exploring whether to remain as a tenant or look for new space in the region.

Philadelphia Media Network bought the newspapers for $139 million at a bankruptcy auction in September.

The company has about 1,750 employees.


Information from: The Philadelphia Inquirer,