Rival Owners Of Philly Newspapers Pledge $77M Bids

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)

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

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