June 29, 2014 |
Penn National Gaming Inc. has dropped its bid to build a $480 million Hollywood casino in South Philadelphia, the Wyomissing, Pa., company said Friday. "A contributing factor in our decision to withdraw our proposal was the City of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," said Timothy J. Wilmott, Penn National's president and chief executive.
June 25, 2014 |
Drugmaker Shire P.L.C., which is trying to fend off a $46.5 billion takeover offer from AbbVie, told investment analysts Monday that it hopes to double its revenue by 2020. Shire is officially headquartered in Ireland, but has operations in Wayne and Exton. The Irish base is a big part of why Shire is being pursued by AbbVie. Companies, especially in health care, have been scrambling of late to buy other companies so they can reregister in Ireland, which has lower corporate tax rates than the United States.
June 22, 2014 |
Drugmaker Shire P.L.C., which is based in Ireland but has operations in Wayne and Exton, said Friday that its board has rejected a $46.5 billion takeover offer from AbbVie Inc. Like some other pharmaceutical companies, AbbVie wants to buy a company that would allow it to shift its official residence to Ireland and avoid the higher corporate tax rate that exists in the United States. In most cases, relatively few employees move to Ireland. AbbVie was spun off last year from Abbott Laboratories and became a separate drugmaker, while the new Abbott focused on the medical products side of the business.
June 20, 2014 |
U.S. District Judge John E. Jones III on Wednesday denied a county row officer's request to intervene and appeal his ruling that overturned Pennsylvania's same-sex marriage ban. Schuylkill County Register of Wills Theresa Santai-Gaffney had asked Jones to halt same-sex marriages in the state until the U.S. Supreme Court weighs in on the issue. She argued that marriage is for states to decide and said Jones' May 20 ruling - which declared Pennsylvania's marriage ban unconstitutional - left her duties as Schuylkill County's issuer of marriage licenses unclear.
June 8, 2014 |
Philadelphia joined the race Friday to host the 2016 Democratic National Convention, trumpeting the city's record of handling huge events and its history as home to the nation's first convention - the one to draft the Declaration of Independence. "We've been holding great conventions ever since," Mayor Nutter said at a City Hall news conference. The mayor also cited the city's location and infrastructure, and added that Philadelphia was chosen to host the 2015 World Meeting of Families, a Catholic gathering expected to draw 2 million people.
May 30, 2014 |
A year after enthusiastically announcing that Philadelphia was throwing in its hat to seek the 2024 Summer Olympic Games, Mayor Nutter has pulled that hat back. Citing concerns about cost and the logistics of hosting other large events here in the near future, Nutter said the timing was just not right. "The time, the effort, the fund-raising, the prospect of creating new venues . . . it is a tremendous, costly endeavor," Nutter said Wednesday. "We decided that, at this time, we would not put in or submit a bid. " The mayor notified the U.S. Olympic Committee earlier this month of the city's decision not to pursue a bid to host the 2024 summer games.
May 29, 2014 |
MORE THAN once yesterday, Lewis Katz and H.F. "Gerry" Lenfest seemed more than a little surprised to still own the two newspapers and website they bought two years ago. An acrimonious ownership feud ended when Katz and Lenfest bid $88 million yesterday to buy out three other investors in the company that owns the Daily News , the Inquirer and Philly.com. "I would have bet anything I was cashing a big check today," Katz joked to employees after the auction. He then turned serious, adding, "I apologize to each and every one of you for being part of creating some of the chaos.
May 29, 2014 |
Inquirer co-owners Lewis Katz and H.F. "Gerry" Lenfest won a private auction for the newspaper and its parent company Tuesday, ending a fractious battle for control that prompted the business' sixth ownership change in eight years. Their $88 million bid bested a group led by co-owner George E. Norcross III and was $27 million more than the partners spent two years ago to form Interstate General Media Holdings L.L.C. Held at a Philadelphia law firm and closed to the media, the auction capped months of litigation between IGM's owners and turmoil for the company, which employs about 1,800 people at The Inquirer, Philadelphia Daily News, three websites, and a printing plant in Conshohocken.
May 22, 2014 |
The hotly contested race for the Democratic nomination in the 13th Congressional District turned out to not be much of a race at all: State Rep. Brendan Boyle was declared the winner by 9:45 p.m. Tuesday. By the time all but a few polls had reported hours later, the 37-year-old from Philadelphia was celebrating a decisive victory over his closest contender, former U.S. Rep. Marjorie Margolies. "We moved forward, we kept the faith, we worked like hell, and tonight we have won," Boyle, a state legislator since 2009, told more than 100 cheering supporters at a Fraternal Order of Police lodge in Northeast Philadelphia.
April 18, 2014 |
HE'S BAAAACK! Raymond Perelman, the wealthy Philadelphia philanthropist, is interested in making a third attempt at buying the Daily News , the Inquirer , their websites and Philly.com by providing financial backing to the Newspaper Guild during an upcoming auction of the papers' parent company, Interstate General Media. Bill Ross, executive director of the Guild - which represents reporters, photographers and advertising and circulation employees - revealed Perelman's potential involvement yesterday in Delaware Chancery Court, as Judge Donald F. Parsons Jr. heard another round of arguments about how the auction should unfold.