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Ed Rendell, Ed Snider Among Group Interested In Buying Philly Papers

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.

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Rendell says that his group is looking preserve what they see as important institution in the area.

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"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.

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"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."

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Rendell would not have an equity stake in the company. In addition to Snider, the group includes:

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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.

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