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Business magnate Raymond Perelman says he's dropping out of the investor group looking to buy Philadelphia's two main newspapers.
Perelman told The Associated Press on Tuesday that he left the group of local powerbrokers and philanthropists because he wanted to be a majority owner.
It's one of the latest developments in the ownership saga of The Philadelphia Inquirer, Philadelphia Daily News and the website philly.com.
According to a letter of intent obtained by the Daily News, the potential buyers want to pay about $60 million for the outlets now owned by Philadelphia Media Network.
The letter indicates the sale would include laying off 35 more employees and an undisclosed number of senior managers.
Philadelphia Media Network already is cutting 45 jobs this month. A spokesman declined comment.