Breaking News, World News and Taiwan News.

Power struggle ends with Philadelphia newspaper auction bid of US$88 mil.

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.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search