and advertising sales improved. Meanwhile, the Daily News won the 2010 Pulitzer Prize for investigative journalism for a series of stories on corrupt Philadelphia cops. However, the 2008 financial crisis led to a steep drop in advertising revenue. At the same time, circulation dropped as more readers migrated to the Internet. Newspaper values across the country plummeted by 90 percent or more. Mr. Tierney's group bought the paper at the top of the market and was saddled with a heavy debt burden. As a result, Philadelphia Media Holdings was forced to file for bankruptcy protection under the U.S. Bankruptcy Code. On April 28, 2010, the Philadelphia Inquirer, Daily News and philly.com were sold at a bankruptcy auction to a group of the original lenders, hedge funds and vulture investors led by Angelo Gordon & Company for $139 million. Mr. Tierney stepped down from his position as CEO of the company on May 21, 2010 in order to allow for a smooth transition. Several news accounts of his tenure have called him an "improbable savior" and an "unlikely warrior." Other accounts have said, "For Tierney...his tenure as CEO by many measures could be rated a success." and "As for Tierney, give him credit for trying." In the fall of 2010, Tierney went back to his marketing and public relations roots by launching Brian Communications, and purchasing Realtime Media, a company specializing in digital marketing services for brands that include CNN, L’Oréal, Toys “R” Us and Unilever. The fast-growing firm moved to Conshohocken, Pa. in the summer of 2013 after outgrowing its old office space. Outside of business, Tierney has been active in politics and a supporter of Republican causes. Working for the Ronald Reagan administration in the 1980s, Tierney also worked in George W. Bush's 2000 Presidential election campaign, and Sam Katz's 2003 run for Philadelphia mayor. Tierney is also an active member of numerous board of directors including NutriSystem, The Episcopal Academy and the Poynter Institute Foundation, where he serves as chairman. Early life Tierney is the fourth of five sons of James and Claire Tierney. Growing up in Upper Darby Township, Pennsylvania, he attended Waldron Mercy Academy and later The Episcopal Academy. When he was seven, his family moved to Springfield Township, Pennsylvania. In 1975, at the age of eighteen, Tierney unsuccessfully sought the Democratic nomination for township commissioner of Springfield. During the campaign supporters of his opponent in