The Philadelphia Inquirer, LLC

The Philadelphia Inquirer, LLC (formerly Philadelphia Media Network (PMN)) is an American media company. It owns The Philadelphia Inquirer and Philadelphia Daily News. The company is owned by The Philadelphia Foundation, a nonprofit organization in Philadelphia, Pennsylvania, U.S.

The Philadelphia Inquirer, LLC
TypePublic-benefit corporation
IndustryMass media
Founded2010 (2010)
HeadquartersPhiladelphia, Pennsylvania, U.S.
Key people
Terrance C.Z. Egger (Publisher and Chief Executive Officer)
Josh Kopelman (Chairman)
H.F. Lenfest (former publisher)
OwnerThe Philadelphia Foundation
Websitewww.inquirer.com

History

Philadelphia Media Network, then including the newspapers' joint web portal Philly.com, was formed and initially owned by the creditors of Philadelphia Media Holdings (PMH), acquired out of Chapter 11 bankruptcy protection.[1] The company sold its inherited community newspaper division in December 2010. A group of local investors—under the corporate name of Interstate General Media LLC—bought the company for $55 million in April 2012.

Publisher and chief executive officer Greg Osberg stepped down on 11 May 2012. He was replaced by Bob Hall, 67, the publisher of the Daily News and Inquirer from 1990 to 2003, when the papers were owned by Knight Ridder.[2] Philadelphia Media Network was purchased by Philadelphia businessman H. F. "Gerry" Lenfest in 2014.[3] Lenfest donated the company to The Philadelphia Foundation, a nonprofit organization, in 2016.[4][5] The Philadelphia Media Network also converted to a public benefit corporation, with a charter that balances public benefit alongside shareholder returns.[6] In 2019, Philadelphia Media Network renamed Philly.com to Inquirer.com and made the Daily News an edition of the Inquirer. Philadelphia Media Network was renamed The Philadelphia Inquirer, LLC.[7]

References
  1. Warner, Bob (June 22, 2010). "Newspapers' owners choose Philadelphia Media Network Inc. as company's new name". iStockAnalyst. Philadelphia Daily News. Archived from the original on June 25, 2010. Retrieved January 13, 2016.
  2. Gambacorta, David (14 May 2012). "Osberg out as PMN CEO, Hall in". Philadelphia Daily News. Retrieved 20 May 2012.
  3. Rieder, Rem (17 November 2014). "Rieder: Philanthropist determined to save Philly papers". USA Today. Retrieved 8 May 2015.
  4. Gamage, Jeff (January 12, 2016). "Lenfest donates newspapers, website to new media institute". philly.com. Philadelphia Media Network (Digital) LLC. Retrieved 2017-01-03.
  5. Dale, Maryclaire (January 12, 2016). "Philadelphia newspapers, website handed off to new nonprofit". Yahoo News. Associated Press. Retrieved January 13, 2016.
  6. Yu, Roger (January 12, 2016). "Philadelphia newspapers to be run as public benefit corporation". USA Today. Retrieved January 19, 2020.
  7. "Why the Inquirer is replacing Philly.com". Billy Penn. Retrieved 2019-08-25.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.