According to the Inquirer, the sale of both papers is now imminent, to a group led by GOP media man Brian Tierney:

Investors in the group are led by Bruce E. Toll, whose brother Robert runs the Toll Bros. Inc. home-construction company, and also includes investment manager Leslie Brun, along with other local business executives whose identity the group has declined to confirm.

The group's advisers include NewSpring Capital of King of Prussia; Doug Alexander of Internet Capital Group; the Philadelphia-based Dilworth Paxson law firm, which counts State Sen. Vincent J. Fumo (D., Phila.) among its influential lawyers; and the Smart & Associates accounting firm, among others. Bank of America, Royal Bank of Scotland, and other banks have agreed to help fund the bid.

Tierney has pledged to stay out of the newsroom, and Will Bunch is taking him at his word. Personally, I find the whole thing pretty scary, and I wonder just how much "muckracking" the papers will be allowed to do. I guess time will tell...