The Philadelphia Inquirer used to be a great daily newspaper—a proud flagship of the Knight-Ridder chain. In 2006 Knight-Ridder was acquired by McClatchy for $6.5 billion, which then turned around and sold off the Inquirer and the Philadelphia Daily News for $515 million. In 2010 the two papers were bought out of bankruptcy for $137 million. Today they were sold to a group of local investors for only $55 million.

Hmm. If the two largest dailies in a much bigger market go for only $55 million, kinda makes one wonder what kind of offer for the Seattle Times the Blethen family just couldn't refuse?