Th Inquirer and Daily News have new owners. At a bankruptcy auction held Wednesday (April 28), a group headed by two New York hedge funds emerged as the winning bidder, edging out a local group headed by Brian Tierney. The final price: $139 million, which was much higher than expected. Once the deal is confirmed by a bankruptcy judge, Tierney and his group of local owners, who have run the paper for four years, will exit. A familiar face has emerged as the CEO of the new company, Robert Hall, who was publisher under Knight Ridder until 2001.
Hall is a newspaper business veteran, though whether his stay as COO is permanent or temporary is unknown. The Inquirer has a good Q&A about details of the deal.