Former mayor/gov Ed Rendell and Flyers owner Ed Snider are members of a group interested in buying the Philadelphia Inquirer and Daily News. Two hedge funds that currently own large stakes the papers reportedly are looking to unload them.â†µ
Rendell says that his group is looking preserve what they see as important institution in the area.
"These are civic-minded people who believe we should have healthy, strong newspapers," Rendell said on a conference call Friday afternoon with reporters. He would be the only non-equity partner.â†µ
"They’re as big a believer as I am that the Philadelphia Media Network can turn a profit, but that’s not the main motivation," he said. "These folks, except for me, don’t need to make any more money."â†µ
Rendell would not have an equity stake in the company. In addition to Snider, the group includes:â†µ
George Norcross, an insurance executive, Cooper Hospital chairman and Democratic Party powerbroker in southern New Jersey; Lewis Katz, a parking and banking magnate from Cherry Hill, N.J.; technology entrepreneur Krishna Singh of Moorestown, N.J.; and William P. Hankowsky, chairman of Liberty Property Trust, a commercial developer.â†µ