Judge: Philadelphia Inquirer, Daily News To Be Sold To Insiders

(credit: William Thomas Cain/Getty Images)

(credit: William Thomas Cain/Getty Images)

Mike Dougherty Mike Dougherty
Mike is a general assignment reporter and editor for KYW Newsradio...
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By Mike Dougherty

PHILADELPHIA (CBS) — The bidding will start at $77-million dollars for ownership of the Philadelphia Inquirer and Daily News.

A judge ruled Friday that the papers will be sold at auction open to insiders only.

The decision is considered a victory for majority George Norcross who has been fighting with fellow investor Lewis Katz over how to run the papers. Katz was hoping for a sealed bid auction open to anyone.