The Philadelphia Experiment

A group of local investors has bought The Philadelphia Inquirer and Philadelphia Daily News (and let's not forget Philly.com) from McClatchy Co., resolving the most eagerly watched chapter of its recent round of selloffs. The company, called Philadelphia Media Holdings L.L.C., comprises many local business people, all of whom presumably will continue to make money from their current gigs. From the Philly.com article:

Local ownership by a group with diversified business and political interests could cast the papers' editorial independence into doubt, some observers have worried.

Count me as "some observer," I guess. It's hard enough to do good journalism when your parent company is a huge media corporation. Imagine the added difficulties of having local interests at stake.