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950 Philly Paper Employees To Lose Building

So if you were to start a newspaper from scratch, what would you do? How about not have a building. Let’s see how it works for a legacy newspaper building. This from the Philadelphia Inquirer:

Brian Tierney, chief executive officer of the Philadelphia Media Holdings L.L.C., said today that the company would sell the Inquirer Building, which alaso houses the Philadelphia Daily News and Philly.com, and downtown property to reduce debt and reinvest into the company’s media businesses. The company will offer the 18-story building for sale to real estate developers in an offering memorandum mailed nationwide in September.

The company also is soliciting in the memorandum ideas for where to put the 950 journalists, ad people, executives, computer technicians, clerks and others who now work in the building, company officials said.

The idea is to help reduce debt, problem is that the debt at the time of the buy was $300 million and the building might fetch $16 million, according to the story. So what would you do with the 950 employees? Is it time for a virtual newsroom? But of course someone else could start one without the $280 million in debt. I do believe this produces a bit of a problem for Mr. Tierney.

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