Businessman Lewis Katz Buying Philadelphia Newspapers

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

Rival Owners Of Philly Newspapers Pledge $77M Bids

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

WILMINGTON, Del. (AP) — Rival owners fighting for control of Philadelphia’s two largest newspapers have each pledged $77 million to take control of the company.

The Philadelphia Inquirer and Philadelphia Daily News are being sold as investors who bought them in 2012 argue over newsroom management and corporate strategy.

Wealthy businessmen George Norcross and Lewis Katz lead the rival factions, and testified at a hearing underway in Delaware this week to determine who can bid at the planned auction.

“There are people interested in this newspaper,” Katz testified Tuesday. “Whether or not they will come forward to bid is, in my mind, still problematic.”

Read more: http://lancasteronline.com/news/pennsylvania/rival-owners-of-philly-newspapers-pledge-m-bids/article_7565e20e-ce5a-5bfa-9d30-9b3473304f9a.html

Local Investors Buy Philly Newspapers For $55 Million

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

PHILADELPHIA, PA —  A group of powerful local business leaders announced Monday that they have purchased Philadelphia‘s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.

It is the fifth time in six years the newspapers are being sold.

The buyers, who include influential New Jersey Democrat George Norcross III, former New Jersey Nets owner Lewis Katz and cable TV mogul H.F. “Gerry” Lenfest, said they plan to keep the newspapers’ tradition of strong journalism alive in the digital age.

Read more: http://www.mcall.com/business/mc-philadelphia-newspapers-sold-20120402,0,5831712.story