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

Bidding begins in Philadelphia newspaper auction

NEW YORK — Lawyers involved in the all-night bidding for Philadelphia’s two major daily newspapers are taking a short break before the bankruptcy auction resumes.

The newspapers’ lawyer Larry McMichael won’t say if all three bidders are still vying to win the company that owns The Philadelphia Inquirer and Philadelphia Daily News. He expects the auction to go several more hours.

Bidding started at a New York City law office shortly before 4 a.m. Eastern time, 17 hours behind schedule. Lawyers had haggled over auction rules.

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

The Perelmans have pledged $27 million in cash and loans toward the local bid.