Business mogul mulls new bid for Philly newspapers

News: Page (1) of 1 - 02/03/12

Business mogul mulls new bid for Philly newspapers Business mogul mulls new bid for Philly newspapers; report says hedge funds want to sell By The Associated Press

PHILADELPHIA (AP) ' Business mogul Raymond Perelman is mulling another bid for Philadelphia's two daily newspapers, more than a year after creditors outbid him at a bankruptcy auction.

Perelman bid $129 million, mostly cash, for The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com at the September 2010 auction. Earlier this week, the New York Post reported that Philadelphia Media Network was in play because two hedge funds want to sell their stakes.

The 94-year-old Perelman said Friday that he's looking at the situation and conceded that the newspaper industry is "deteriorating." But he says he believes Philadelphia should have a newspaper. He says he might bid "at the right price and the right situation."

Philadelphia Magazine reports that former Gov. Ed Rendell is also interested. His spokeswoman didn't return a message Friday.

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