Businessman Katz buying Philadelphia newspapers
PHILADELPHIA (AP) — Businessman Lewis Katz and philanthropist H.G. "Gerry" Lenfest are taking over Philadelphia's two largest newspapers 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.
Norcross had owned just over 50 percent of the company. Katz held a 26 percent stake and his ally Lenfest, a former cable magnate, a 16 percent stake.