POLITICS

Big Obama donor joins Philadelphia media buyout

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Politics,Beltway Confidential,Money Watch,Charlie Spiering

Democratic donor George E. Norcross III has teamed up with a group of executives to buy the Philidelphia Media Network which includes The Inquirer, the Philadelphia Daily News, and Philly.com.

According to FEC records, Norcross has an extensive history of funding Democratic candidates including donating $28,500 to the Obama Victory Fund and $2300 to the campaign itself in 2008.

The group of six executives paid $55 million for the company and is the fourth ownership change for the media properties in less than six years, according to an announcement from the organization.

According to the release, the new owners will sign a pledge that they will not interfere with the operations of PMN's three newsrooms.

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