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Dilworth Paxson Facilitates Philadelphia Media Holdings Purchase of Philadelphia Newspapers Inc.

The McClatchy Company recently announced its decision to sell Philadelphia Newspapers Inc. (PNI), to Philadelphia Media Holdings (PMH) LLC in a transaction valued at $562 million. Represented by Dilworth Paxson LLP, PMH, a group of local investors headed by advertising executive Brian Tierney, succeeded in negotiating a definitive agreement to acquire The Philadelphia Inquirer, Philadelphia Daily News and other related media assets, including philly.com. The parties are expected to close this summer after the merger of Knight-Ridder Inc. and McClatchy. Dilworth Paxson attorneys Joseph H. Jacovini, Graham R. Laub, Michael J. Tierney, Michael D. Ecker, Joseph F. Kessler, Rosemary J. Loverdi, John W. Schmehl, John W. Goldschmidt, James J. Rodgers, Matthew I. Whitehorn, Mark H. Vacha and Roger F. Wood provided the legal counsel for PMH.