Saturday's developments marked the latest twist in the potential sale of Philadelphia Media Network Inc. (PMN), which owns the newspapers and the website, by the consortium of hedge funds and investment banks that bought it out of bankruptcy for $139 million in 2010.
Rendell, the former Philadelphia mayor and Democratic National Committee chairman, is leading a group of prospective buyers that includes businessman Lewis Katz; Comcast Spectacor L.P. chairman Edward M. Snider; George E. Norcross III, an insurance executive and prominent New Jersey Democrat; William P. Hankowsky, chief executive officer of Liberty Property Trust; and Krishna "Kris" Singh, president and CEO of Holtec International Inc. of Marlton.
Rendell has been the only principal involved in the sale process to talk publicly about it. He also has indicated that the group of investors he leads is not the only bidder.
During a speaking engagement Monday organized by the Washington Square Citizens' League, Rendell was asked about the bid.
He told the audience the newspapers' owners had an obligation to reap the greatest profit they could from any sale, according to Paul Coyne, a past president of the nonprofit Citizens League who attended the session.
Rendell then said that he had heard his group's offer may not be the highest, but that it may have fewer "conditions," according to Coyne.
Evercore Partners Inc., the investment bank managing the sale, has declined to discuss it or the bidding process, as have representatives of PMN's largest shareholders, hedge funds Alden Global Capital and Angelo, Gordon & Co.
On Friday, journalists from the three newsrooms issued a statement criticizing the handling of the sale and insisting that the integrity of news reporting at the papers and website be guaranteed.
