Businessman Lewis Katz Buying Philadelphia Newspapers

The Philadelphia Inquirer-Daily News Building ...

The Philadelphia Inquirer-Daily News Building in Philadelphia, PA. Taken from North Broad and Callowhill Streets. (Photo credit: Wikipedia)

PHILADELPHIA (AP) — Businessman Lewis Katz and philanthropist H.G. “Gerry” Lenfest will take over Philadelphia’s two largest newspapers from their partners with an $88 million auction bid.

Katz and another businessman, George Norcross, had bought The Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com news website for $55 million in 2012. But they began feuding and competed to take control at Tuesday’s auction.

Katz made his fortune investing in the Kinney Parking empire and the Yankees Entertainment and Sports Network in New York. He supports the investigative reporting favored by current Inquirer editor Bill Marimow.

Read more: http://www.timesherald.com/business/20140527/businessman-lewis-katz-buying-philadelphia-newspapers

Enhanced by Zemanta

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s