Philadelphia newspaper guild won't bid for company
The local newspaper guild has dropped out of the upcoming auction for Philadelphia's two largest newspapers.
About 550 unionized employees of The Philadelphia Inquirer and the Philadelphia Daily News had hoped to bid at the latest sale of the troubled company, with the backing of business tycoon Raymond Perelman.
However, Perelman and other potential investors say they wouldn't match the $77 million opening bid pledged by current owners.
Those owners are locked in a feud over how to run the business, prompting the company's fifth sale in eight years.
Feuding partners George Norcross and Lewis Katz are in court Thursday as a Delaware judge weighs what type of auction to conduct.
Norcross favors an open auction with incremental bids, while Katz has proposed a sealed bid auction.
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