Philly Inquirer, Daily News up for auction Tuesday
PHILADELPHIA — A closed-door auction is scheduled Tuesday to determine the future of Philadelphia's two largest newspapers
The Philadelphia Inquirer and Philadelphia Daily News are being sold for the fifth time since 2006.
Powerful businessmen George Norcross and Lewis Katz led the latest $55 million purchase in 2012.
But they began feuding over management issues and are now locked in a battle to buy each other out.
Both have pledged opening bids of $77 million, enough to repay their partners.
Norcross owns just over 50 percent of the company. Katz is bidding with investor H.F. “Gerry” Lenfest, a wealthy city philanthropist.
Norcross says he would steer coverage toward “hyper-local” news and sports.
Katz supports the investigative reporting favored by current Inquirer editor Bill Marimow.
The company also operates the Phily.com website.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.