WELL, THIS IS getting interesting.
Longtime local developer Bart Blatstein announced earlier this week that he had formed an investor group, Philly Hometown Media LLC, that wants to buy Philadelphia Media Network, the parent company of the Daily News, Inquirer, Philly.com and SportsWeek.
Yesterday, he was spotted walking around PMN headquarters, at Broad and Callowhill streets, which he purchased last year for $22 million.
When Blatstein's interest in PMN was reported on Tuesday, the company issued a statement that it was not negotiating with him or his investor group.
It's unclear whether Evercore, the company that is managing the sale of PMN for its current hedge-fund owners, is still accepting bids. KYW 1060 reported yesterday that Evercore closed the first round of bidding last week and might not reopen the process. Evercore officials could not be reached for comment.
PMN spokesman Mark Block previously said in a statement that the company was "not in discussions" with Blatstein or Philly Hometown Media.
Blatstein said yesterday that he still was interested in buying the newspapers and their website. "I represent a group that is interested in buying the assets of PMN. I'm a little puzzled by the process.
"The Inquirer and Daily News are not just a business, but a very important and valuable institution in our city and region," Blatstein said. "We hope for an open process."
His investor team includes Jerry Sweeney, president of the Brandywine Realty Trust; Bill Harvey, a partner at the law firm Klehr Harrison Harvey Branzburg; Harold Honickman, the soda mogul; and Andrew Barroway, a consumer-rights litigator.
Last week, former Gov. Ed Rendell said that he was leading a separate team of "civic-minded" investors who have been working for the last month on a bid for the newspapers. Rendell could not be reached for comment on Blatstein's bid.
Philanthropist Raymond Perelman has also reportedly expressed an interest in the company.
