It has been reported that an unnamed coalition led by hedge fund Angelo, Gordon & Co. from New York has outbid a local group for control of three Philadelphia news outlets.

The Daily News reported on Thursday that the hedge fund group offered $105 million in cash to take the Philadelphia Daily News, The Philadelphia Inquirer and Philly. com out of bankruptcy.

The bid beat out a group led by the newspapers' Chief Operating Officer Brian Tierney, who teamed with local philanthropists and others in an attempt to keep the newspapers locally owned.

The newspaper further said that Tierney's bid was $10 million short.

Tierney told his investment group, "We didn't make it. I think I'll go home tonight and sleep like a baby, which means I'll wake up every hour crying."

"Today we put our money where our mouth is. We love these papers, we respect these papers and we want to be part of these papers going forward," said Fred Hodara, an attorney for one of the creditors. (With Inputs from Agencies)