Owners give Philadelphia newspapers new corporate name and chief financial officer

Philly newspapers get new corporate name and CFO

PHILADELPHIA — The new owners of Philadelphia’s two major newspapers and their shared website have chosen Philadelphia Media Network Inc. as the umbrella name for the company.

The Philadelphia Inquirer, Daily News and philly.com were sold to creditors at a bankruptcy auction in April.

The new moniker was included in a weekend court filing that also named Bruce Meier as chief financial officer. Meier is a restructuring firm executive who has worked on the company’s finances as a consultant.

The filing noted a $39 million loan to exit bankruptcy proceedings will be financed by a consortium of investment firms that also hold ownership shares in the new company.

Incoming CEO Greg Osberg says the target date for settlement is early July.

Information from: Philadelphia Daily News, www.philly.com