WILMINGTON, Del. (AP) — Workers at Philadelphia’s two largest newspapers won’t be able to mount a bid for their troubled company, after a wealthy potential backer balked at the projected $77 million opening price.
About 500 unionized employees of The Philadelphia Inquirer and the Philadelphia Daily News had hoped to bid at the latest sale of the media company, with help from business tycoon Raymond Perelman. However, Perelman and other potential investors walked away after pondering bids pledged by two current owners.
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