Philadelphia Inquirer Sold Following Bitter Power Struggle

Tuesday, 27 May 2014 05:59 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

A struggle for control of the Philadelphia Inquirer ended Tuesday when two members of a feuding consortium prevailed at an auction with an $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 $55 million.

The pair outbid the other investors, George Norcross, Joseph Buckelew and William Hankowsky at a private auction.

The deal ends a battle which saw an ugly wrestling match for control of the newsroom, and the firing of editor William Marimow with the support of Norcross and later reinstatement 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 $500 million.

The new owners will get the Inquirer and its sister Daily News, philly.com and other assets.

"We feel very fortunate we were able to prevail in the auction," Lenfest said, according to the newspaper.

"We feel we want to return The Inquirer to the great newspaper it has been for... many years."

Lenfest will serve as interim publisher until a permanent one is found.

The Philadelphia newspaper company employs some 1,800 people, and was bought and sold twice in 2006, and went into bankruptcy in 2009.

 

© AFP 2014

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Low-Carb Diet Beats Low-Fat for Weight Loss: Study

Monday, 01 Sep 2014 21:26 PM

Alow-carbohydrate diet is better for losing weight and may also be better for lowering the risk of heart disease than a  . . .

NYPD's Bratton Defends Response in Custody Death

Monday, 01 Sep 2014 19:48 PM

It appears New York City police officers behaved appropriately when they put a protective body wrap on drug user who lat . . .

Fast-Food Workers Seeking Raises Plan Strike in 150 Cities

Monday, 01 Sep 2014 19:42 PM

Fast-food workers in 150 U.S. cities plan to protest this week in what could be the largest strike since the demonstrati . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved