Power struggle ends with Philadelphia newspaper auction bid of US$88 mil.
May 29, 2014, 12:06 am TWN
WASHINGTON--A struggle for control of the Philadelphia Inquirer ended Tuesday when two members of a feuding consortium prevailed at an auction with an US$88 million bid, the newspaper announced.
The winning bid came from businessman Lewis Katz and philanthropist H.G. Lenfest, ending a struggle with the other investors of Interstate General Media Holdings, which bought the daily in 2012 for US$55 million.
The pair outbid the other investors, George Norcross, Joseph Buckelew and William Hankowsky at a private auction.
The deal ends a battle that saw an ugly wrestling match for control of the newsroom, and the firing of editor William Marimow with the support of Norcross and later reinstated by a court decision.
The announcement brought applause in the newsroom of one of the nation's most prominent dailies, whose value plummeted after being sold in 2006 for over US$500 million.