Philadelphia • Businessman Lewis Katz and philanthropist H.G. "Gerry" Lenfest will take over Philadelphia's two largest newspapers from their partners 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 is one of the most powerful figures in Philadelphia's southern New Jersey suburbs, with interests in media, health care, education, banking, insurance and politics. He wanted to steer coverage toward more local news and sports.