It’s all over but the shouting in Philadelphia, where a judge ruled today that the Inquirer and Daily News creditors can use the $300 million they’re owed to top a $67 million cash-and-property offer from management.
Three members of the Star Tribune’s new ownership consortium, including lead dog Angelo Gordon & Co., are major Philly creditors. The ownership groups don’t line up perfectly, but I can’t help wondering if Angelo Gordon — also a big player in the Chicago-based Tribune Co.’s bankruptcy — will find a way to wring some economies of scale out of its expanding holdings.
A group publisher? A newsprint deal? A collective Washington bureau? I’m only speculating, but synchronicity is something to watch for in the coming months.