Union: Philly Papers' Owners Threaten Liquidation The union representing journalists at Philadelphia's two major newspapers says the papers' owners might liquidate the company if they can't get new labor contracts. Newspaper Guild leaders are meeting Thursday with executives of the group that owns The Philadelphia Inquirer and Daily News. Guild officials say Interstate General Media threatened to sell assets or liquidate the company unless it gets new agreements with all 11 unions by Friday. Ten unions have been working without contracts since October. The current Guild contract expires next October. Several powerful local business leaders formed Interstate General Media to buy the financially troubled newspapers in April. It's the fifth company to own the media outlets since 2006. A spokesman for Interstate did not immediately return a request for comment.