Philadelphia Media Network Acquisition
In 2012, Dilworth represented South Jersey-based Interstate General Media, LLC (IGM) in the purchase of the Philadelphia Media Network (PMN), owner of the Philadelphia Inquirer and Philadelphia Daily News.
Facing a series of challenges and a tight sale deadline, Dilworth quickly deployed attorneys from among 23 practice groups to review and evaluate the exposures and risks related to the proposed acquisition. Within one day, Dilworth had a team of a dozen specialists fully engaged in the process of due diligence, and began analyzing the many issues raised by the proposed acquisition, including a planned move from PMN’s longtime home at 400 N. Broad St.
The negotiations proceeded on a very fast track, one that ultimately led to the closing of the purchase of PMN within 30 days of Dilworth being retained as counsel. Ultimately, IGM’s purchase allowed for the two iconic publications to be restored to local ownership.