Philadelphia Media Holdings

Philadelphia Media Holdings

Philadelphia Media Holdings LLC was an American holding company located in Philadelphia, Pennsylvania, United States. Founded by Brian Tierney in 2006, the company owned The Philadelphia Inquirer and Philadelphia Daily News. After The McClatchy Company bought Knight Ridder in 2006 it announced it would sell, among other newspapers, The Philadelphia Inquirer and Philadelphia Daily News. Interested in buying the papers, Brian Tierney assembled a group of Philadelphia businesspeople and investors to make a bid. In May 2006 Philadelphia Media Holdings bought the papers for US$515 million plus the assumption of the newspaper's liabilities. Dropping circulation and ad revenue for The Inquirer and Daily News caused financial strain resulting in the filing of Chapter 11 bankruptcy protection. The company's creditors acquired the newspapers at auction and established a new holding company, Philadelphia Media Network in 2010.

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