By Steve Tawa
PHILADELPHIA (CBS) — The newsrooms inside the Philadelphia Inquirer and Daily News continue to reverberate with yet new revelations about upheaval in the ownership of the media company.
The son of Lewis Katz, the newspaper company co-owner who died suddenly in the recent crash of his private jet (see related story), says he is planning to sell his newly inherited share of the company.
Back on May 27th, Katz and business partner Gerry Lenfest suddenly found themselves the winners in the auction for control of the company, after a lengthy boardroom dispute with a third co-owner, George Norcross (see related story).
Katz said at the time he had previously thought he would be cashing a very big check that day, thinking Norcross would spend whatever it took to win.
But Lewis Katz died in a plane crash four days later. His 42-year old son, Drew, took over his father’s share of the company.
The closing for the $88-million original deal to buy out the Norcross faction is apparently going ahead as scheduled. Today is the deadline.
If it is finalized without an extension, the plan is to have Drew Katz sell his interest in the company to Lenfest.
All sides are refraining from commenting or providing details until the transaction is completed.
A sale would lead to Mr. Lenfest being the sole owner, although the philanthropist had previously indicated that he and Katz were seeking additional investors.