Stop the Presses! New Owners for Philly Newspapers!

The Brian Tierney era is over at The Philadelphia Inquirer and Philadelphia Daily News.

Tierney himself announced Wednesday afternoon that creditors won auction for the Philadelphia newspapers, which are in bankruptcy.

From Philly.com:

NEW YORK - Brian P. Tierney, CEO of Philadelphia Newspapers L.L.C., announced Wednesday afternoon that the company that owns the Philadelphia Inquirer and Daily News has been sold to its senior lenders for $135 million.

That includes $105 million in cash, plus real estate, for the company that also owns Philly.com.

Read more about the sale at the newspapers' Web site.

There's also an interesting column by Karen Heller about the chaos surrounding would-be suitors for the newspapers:

For the third time in four years, Philadelphia's two major daily newspapers are facing potential change in ownership. The lead-up to this week's auction included a whiplash switch of suitors and ulcer-inducing accusations, especially if you happen to earn your living from newspapers.

California billionaire Ron Burkle, at the behest of Gov. Rendell, was in. He was out. Enter the Perelmans, Raymond G. and Ronald O., of the museum, theater, and Revlon. And Canadians descended from the north.

Read the full column, "Amid the chaos, it's the work that matters," here.