Bidding begins in Philly newspaper auction; Revlon chairman, father put up $27M toward bid

Bidding begins in Philadelphia newspaper auction

NEW YORK — Bidding is under way Wednesday in the bankruptcy auction for control of Philadelphia’s two major daily papers.

Philadelphia Newspapers spokesman Jay Devine sais bidding was ongoing as of 7:30 a.m. Eastern time in a closed-door auction for the company that owns The Philadelphia Inquirer and Philadelphia Daily News.

Bidding started at a New York City law office shortly before 4 a.m., 17 hours after it was scheduled to begin. Lawyers for the three bidders spent much of Tuesday ironing out the auction rules.

A group of local investors including Revlon chairman Ronald Perelman and his philanthropist father are competing against a group of secured creditors and a Canadian investment firm in the bidding.

Raymond Perelman has committed $12.6 million in cash and his son, Ronald, $4.4 million to the local bid. They are also offering millions in loans.