Alden Doesn't Walk Away, Part Of Winning Bidder For Philadelphia Papers Again
September 24, 2010 at 4:28 AM (PT)
ALDEN GLOBAL CAPITAL is among the group of senior lenders once again winning the auction to buy the company that publishes the PHILADELPHIA INQUIRER and PHILADELPHIA DAILY NEWS and its website PHILLY.COM. PHILADELPHIA MEDIA NETWORK INC., the company formed by ALDEN, ANGELO GORDON AND CO., and CREDIT SUISSE bid $105 million in cash for the operation, the same bid that won the first auction of the bankrupt company in APRIL.
The bid beat out a partnership of investor RAYMOND G. PERELMAN and the CARPENTERS' UNION pension fund for the papers. The lenders were unable to reach agreement with one of the paper's unions, the drivers' union represented by the TEAMSTERS, after the first auction, leading to the second auction THURSDAY.
ALDEN is in the news in the radio business for pulling out of JEFF SMULYAN's bid to take EMMIS COMMUNICATIONS private, prompting SMULYAN's lawsuit against ALDEN.