Philadelphia newspaper deal expected

May 23, 2006|Associated Press

PHILADELPHIA -- A group of local investors that wants to make The Philadelphia Inquirer a more local newspaper and expand its online presence is close to a deal to buy the Inquirer and its sister newspaper, a person close to the negotiations said.

The Inquirer and the Philadelphia Daily News are among 12 Knight Ridder newspapers McClatchy Co. is selling after buying Knight Ridder Inc.

The front-runner to buy the papers is a group headed by Brian Tierney, a public relations executive, and Bruce Toll, cofounder of Toll Brothers Inc., a builder of luxury homes.

A deal pegged at over $500 million could be completed in 48 hours, the person close to the negotiations said yesterday. The person said the buyer has no plans to shutter the Daily News.

A spokeswoman from McClatchy declined to comment.

In late March, Toll said his goals would include adding more local content and getting news out faster on the Inquirer website.

Toll said the Inquirer needs more local reporters and needs to expand its local business coverage. He said information, including sports scores, needs to be filed faster to the newspaper's website.

READER COMMENTS »

View reader comments » Comment on this story »