Shakeup at Philly newspapers on eve of court sale

(AP Photo)

October 7, 2010 4:58:13 PM PDT
The new owners of Philadelphia's two largest newspapers are shaking up management as they prepare to close Friday on the $139 million bankruptcy sale.

Publisher Greg Osberg says Philadelphia Inquirer Editor William Marimow is stepping down as editor but will remain at the paper.

A group of secured creditors won a court auction for the Inquirer and Philadelphia Daily News last month with a bid valued at $139 million, including $105 million cash and the iconic newspaper building.

Marimow is a former Inquirer city editor and Pulitzer Prize winner who edited The Baltimore Sun. Outgoing Publisher Brian Tierney brought him back to Philadelphia to lead the Inquirer when local investors bought the company in 2006. They filed for bankruptcy last year.