6 Business Leaders Mull Bid For Philly Newspapers

Published February 3, 2012 10:00PM (EST)

PHILADELPHIA (AP) — Philadelphia Flyers owner Ed Snider and New Jersey powerbroker George Norcross are among six business leaders mounting a potential bid for two Philadelphia newspapers.

Former Pennsylvania Gov. Ed Rendell said Friday that he is among the non-equity partners in the group that's submitted a letter of interest.

Philadelphia Media Network operates The Philadelphia Inquirer and Philadelphia Daily News. Creditors took over the company after a 2010 bankruptcy sale.

Rendell couldn't confirm a report that two hedge funds now want to sell. But he says a company has been reaching out to potential investors.

Rendell says the group would fight to keep both newspapers open.

He says the group is committed to keeping strong newspapers in the community and less concerned about short-term profits.

By Salon Staff

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