MediaNews Group – formerly known as Digital First Media, the company that operates several newspapers in suburban Philadelphia, including the Daily Local News in West Chester – has submitted the only qualified bid to buy the Reading Eagle, writes Ron Southwick for the Harrisburg Patriot-News.

As a result, a planned auction for the Reading Eagle, which filed for bankruptcy protection earlier this year amidst deep financial challenges, has been canceled.

The bid from MediaNews Group “has neither been accepted nor rejected,” said Peter D. Barbey, president and CEO of Reading Eagle Company, “and we continue to work with MediaNews Group/Digital First Media to resolve certain outstanding issues.”

According to industry analysts, the Denver-based MediaNews Group has bought a number of struggling newspapers and made deep cuts to newsroom staffs in order to reduce costs.

MediaNews Group is controlled by Alden Global Capital, a hedge fund based in New York City.

Click here to read more about the Reading Eagle in the Harrisburg Patriot-News.