“After changing hands three times in six troubled years, Philadelphia’s legendary newspapers were sold Monday for a tenth of the half-billion dollar price they fetched as recently as 2006,” according to Newsosaur.
“The stunning plunge in the value of the Philadelphia Inquirer and its sister properties reflects not only the continuing contraction of the publishing business but also provides a rare glimpse into how badly newspapers have fallen out of favor among investors.
“A decade or so ago, the Inky and the Philadelphia Daily News, its feisty tabloid sibling, would have been worth the batter part of a billion dollars in the unlikely event that their then-owner, Knight Ridder Inc., were willing to part with them.
“On Monday, the papers – along with their companion website Philly.Com – were sold to a group of Philadelphia businessmen for $55 million, according to the Inky.”
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