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Let the Bidding Begin! Philadelphia Inquirer and Daily News Auction Starts Today

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As of 3:45 AM the auction for the ownership of Philadelphia Newspapers (Philadelphia Inquirer, Philadelphia Daily News, and Philly.com) beganAs of 3:45 AM the auction for the ownership of Philadelphia Newspapers (Philadelphia Inquirer, Philadelphia Daily News, and Philly.com) began this morning at a mid-town Manhattan law firm this morning at a mid-town Manhattan law firm. 

The logistics of the Philadelphia Newspapers Auction go like this.  According to KYW1060  "The three bidders were expected to make their offers, retreat to private conference rooms, and then return with counter-bids -- eventually hoping to end up wtih the "highest and best" bid."

It's no secret that Philadelphia Newspapers are in a tough situation having gone through bankruptcy proceedings. 

According to Business Week, one of the interested bidders is Revlon Chairman Ronald Perelman, who (along with his father) is putting up $27 million in a bid for the ownership of both newspapers.

MyFoxPhilly  is reporting that Brian Tierney, the embattled CEO of Philadelphia Newspapers is teaming up with a California rival in hopes of securing the high bid for the Philadelphia Inquirer, Daily News, and Philly.com.

"According a report in the Inquirer, the prominent California billionaire and Democrat Ron Burkle  had joined with Tierney, a prominent Republican, a local union and two local investors to make one of three bids for the Inquirer, Daily News and Philly.com."

Contact Dennis Bakay at dbakay@philly2philly.com

Photo: http://www.boston.com/business/articles/2010/04/28/bidding_begins_in_philadelphia_newspaper_auction/