Romenesko

Philadelphia Inquirer
"Any investor trying to come up with a reasonable price for PNI [Philadelphia Newspapers Inc.] faces some tough basic questions," writes Joseph N. DiStefano. "Among the most important: Which corporate assets, debts and other liabilities will be assigned to the Philadelphia papers in case of a sale?" TOUGH TIMES: "Stuck in a slow-growth market, facing advertiser consolidation and a steady shift by readers and ads from its printed pages to its less-profitable Internet sites, PNI is not in a happy place at a time when the parent company is for sale."