A team of Drinker Biddle lawyers led by partner John E. Stoddard III represented the stockholders of Philadelphia Media Network Inc., the parent company of The Philadelphia Inquirer, Philadelphia Daily News and Philly.com, in the $55 million sale to Interstate General Media, LLC, a newly formed entity controlled by several prominent local business leaders. The transaction closed today.

The new ownership group is led by Lewis Katz, the former owner of the New Jersey Nets, New Jersey Devils and Kinney Parking Systems, and George E. Norcross III, Board Chairman of Cooper Health System and Executive Chairman of Conner Strong and Buckelew, one of the nation’s largest insurance brokerage and consulting firms.

Other members of the new ownership group include H. F. “Gerry” Lenfest, the former Lenfest Communications founder who is widely recognized as one of the preeminent philanthropists in the nation; William P. Hankowsky, the Chairman and CEO of Liberty Property Trust and Chairman of the Greater Philadelphia Chamber of Commerce; Dr. Kris Singh, President and CEO of Holtec International, a world-renowned nuclear energy technology company founded in Marlton; and Joseph Buckelew, Chairman of Connor Strong and Buckelew. The former principal stockholders of Philadelphia Media Network include Alden Global Capital;

Angelo, Gordon & Co.; Credit Suisse Securities; and McDonnell Investment Management.

In addition to Stoddard, a partner in the firm’s Corporate & Securities Practice Group, other Drinker Biddle lawyers who worked on the deal included partners Jill E. Bronson and William H. Clark, Jr., and associates Peter J. Lively and Eric Marr.

One of the largest and most experienced areas of practice for the firm, the Corporate and Securities group provides a full range of services to public companies, financial institutions, investment vehicles and substantial private businesses. The core practice includes mergers and acquisitions, complex joint ventures, securities compliance, advice for public companies, commercial lending, corporate finance and private equity, including venture capital, investment vehicles and portfolio companies.

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