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
- As House looks to dismantle state stores, hybrid system might be option
- 3 killed, 1 wounded in Philadelphia shootings
- ‘Tipping point’ near for Pa. government, conservative expert predicts at Freedom Forum
- Judge orders Harrisburg to stop enforcing 3 gun ordinances
- Pa. Senate approves ‘paycheck protection’ constitutional amendment
- PEMA, National Guard helping Bradford after water runs dry
- Liquor privatization bill clears Pennsylvania House panel
- Western Pennsylvania shivers toward record for coldest February
- State could join feds in job training probe