PHILADELPHIA — The company that owns The Philadelphia Inquirer and Philadelphia Daily News is moving the newspapers to a former department store building.
Philadelphia Media Network announced Monday that it signed a 12 1/2-year lease for the third floor of Strawbridge & Clothier's onetime flagship store. It will move to the building, in the Market East shopping district, by July.
Philadelphia Media Network bought the newspapers for $139 million at a bankruptcy auction last year. It sold its 86-year-old newspaper building in July to a developer for an undisclosed price.
The company said its newsroom and office space will shrink to about 125,000 square feet from its current 525,000 square feet. Hundreds of employees will move, although the company has not specified a number.
The newspapers are now printed outside the city.
Information from: The Philadelphia Inquirer, http://www.philly.com