History
The Philadelphia Daily News began publishing on March 31, 1925, under founding editor Lee Ellmaker. In its early years, it was dominated by crime stories, sports and sensationalism. By 1930, daily circulation of the morning paper exceeded 200,000. Circulation dropped over the years, and by 1954, the money-losing paper was sold to Matthew McCloskey, a contractor and treasurer of the Pennsylvania Democratic Party. In December 1956, the paper's financial condition was so bad that McCloskey got permission from the unions for a 90 percent cut in the workforce.
In 1957, McCloskey sold the paper to Walter Annenberg, publisher of The Philadelphia Inquirer. Annenberg killed off the Daily News' Sunday edition and made the tabloid into an afternoon paper.
In 1969, Annenberg sold both papers to Knight Newspapers Inc., which eventually became Knight Ridder following a merger. Under the new ownership, the Daily News returned to morning publication and aimed to be taken more seriously. The paper's journalists have won the Pulitzer Prize three times. Richard Aregood won in 1985 for editorial writing, Signe Wilkinson won for her editorial cartoons in 1992 and Barbara Laker and Wendy Ruderman won in 2010 for investigating reporting for their "Tainted Justice" series focusing on the alleged misdeeds of a rogue narcotics squad.
The paper continues to struggle financially (It was surpassed in circulation, but not readership, by the free daily Metro). When the sale of Knight Ridder to The McClatchy Company was announced in March 2006, there were rumors that McClatchy would close the Daily News. However, in May, before the sale was finalized, it was announced that the Inquirer and Daily News would be re-sold to Philadelphia Media Holdings L.L.C., a local group led by advertising executive Brian Tierney and co-founder of the Toll Brothers homebuilding firm, Bruce Toll. The deal became official on June 29, 2006. The group intended to strengthen the online presence of both papers, and began an extensive ad campaign.
Falling circulation and ad revenue caused Philadelphia Media Holdings to make the Daily News into an edition of The Philadelphia Inquirer. Without making any other changes to the Daily News, making it part of The Inquirer would combine the circulation numbers of both papers by the Audit Bureau of Circulation. The idea is to make the newspapers more attractive to advertisers. On April 14, 2010 Brian Tierney announced that the Daily News will launch a weekend edition in October. The weekend edition's content will be similar to the daily edition, but will have features that will not be time sensitive and be able to be read anytime during the week.
In early 2009, debts from buying the newspapers forced Philadelphia Newspapers LLC into Chapter 11 bankruptcy protection. The bankruptcy was the beginning of a year long dispute between Philadelphia Media Holdings and creditors. The group of creditors, which include banks and hedge funds, wanted to take control of Philadelphia Newspapers LLC themselves and oppose efforts by Philadelphia media Holdings to keep control. Philadelphia Media Holdings received support from most of the paper's unions and launched a public relations campaign to promote local ownership.
A bankruptcy auction was held on April 28, 2010. The group of lending creditors and a group of local investors allied with Brian Tierney both bid for Philadelphia Newspapers, but the lenders had the winning bid. The lenders' company, Philadelphia Media Network, took control later that year. In July 2012, after selling the Inquirer Building in 2011, the Daily News along with The Inquirer and Philly.com moved their offices to the 3rd floor of the old Strawbridge & Clothier department store on East Market Street.
Read more about this topic: Philadelphia Daily News
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