The Reading Eagle is reporting that its parent company has attracted a qualified bidder to purchase the company out of bankruptcy.
That bidder was MediaNews Group of Denver, a locally focused multiplatform news and information company with publications around the country, including the Pottstown Mercury and Berks-Mont News.
In a statement to employees published on the paper’s website, the Reading Eagle Co.’s president and CEO, Peter Barbey, said:
“We have received two bids to purchase Reading Eagle Company’s assets. One of the bids is unqualified. The other bid is qualified. The qualified bid is from MediaNews Group, which also operates under the name Digital First Media. Since there is only one qualified bid, the auction has been cancelled. The qualified bid has neither been accepted nor rejected, and we continue to work with MediaNews Group to resolve certain outstanding issues.”
The Reading Eagle Co. is the parent company of the Reading Eagle newspaper and radio station WEEU AM 830.
It has 221 employees.
Any sale would need to be approved by a bankruptcy judge.
Efforts to reach MediaNews Group have not been successful.