APNewsBreak: Perelman Denied Bid On Pa. Newspapers

Published February 10, 2012 12:00AM (EST)

PHILADELPHIA (AP) — Philanthropist Raymond Perelman has been told he can't challenge a former governor's effort to buy The Philadelphia Inquirer and Philadelphia Daily News.

A person close to Perelman told The Associated Press on Thursday that Philadelphia Media Network has described the sale of its newspapers as "closed." The person is involved in Perelman's efforts but isn't authorized to speak for him and spoke on condition of anonymity.

Perelman on Wednesday sent a letter urging the company to conduct a fair and open sale. The letter came days after former Gov. Ed Rendell (ren-DEHL') said he's gathered Philadelphia Flyers owner Ed Snider and others to mount a bid.

Hedge funds paid $139 million for the newspapers at a 2010 bankruptcy auction. Neither they nor an investment bank conducting the sale have returned calls for comment.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------