PHILADELPHIA (AP) — The publisher and CEO of the city's two biggest newspapers stepped down on Friday, saying it was time for the new owners to bring in their own leadership team.
Greg Osberg's announcement came about six weeks after a group of local business leaders and powerbrokers bought The Philadelphia Inquirer, the Philadelphia Daily News and their shared website, Philly.com.
Osberg had led parent company Philadelphia Media Network since 2010, when the struggling newspapers were sold at a bankruptcy auction to a consortium of hedge funds and banks for $139 million. He is being replaced by current Chief Operating Officer Bob Hall.
"When I took over as publisher," Osberg said in a company statement, "my priorities were to stabilize the company as it emerged from bankruptcy, expand its digital initiatives and identify and secure new local ownership of the company."
In April, the media properties were bought for $55 million by a group headed by influential New Jersey business executive George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. "Gerry" Lenfest.
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