Lenfest says he respects Drew Katz’s decision to sell the Katz family interest in the company just 18 days after the sudden loss of his father, Lewis.
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.
Reacting to the death of his partner and Inquirer co-owner Lewis Katz, Gerry Lenfest says the world lost a special man.
A faction of co-owners led by Lewis Katz and Gerry Lenfest agreed to pay $88 million for control of the parent company that owns the Philadelphia “Inquirer” and “Daily News.”
A closed-door auction is scheduled Tuesday to determine the future of Philadelphia’s two largest newspapers.
The bidding will start at $77 million. That’s the minimum figure the three-person faction led by George Norcross and his rivals, Lewis Katz and Gerry Lenfest have pledged.
KYW’s Steve Tawa reports the feuding owners now jousting in a Delaware courtroom pledge to buy the other guys out.
A Delaware judge heard the owners’ disagreement over how to dissolve and sell the parent company of the Philadelphia Inquirer and Daily News.
Bill Ross, executive director of the Newspaper Guild, which represents newsroom workers, says the “company appears to be gridlocked.”
When the feud between rival ownership factions surfaced, the primary combatants — co-owners George Norcross and Lewis Katz — each owned equal shares, about 26 percent of the company.
Publisher Robert Hall once told workers the current lawsuit represents the “Allies versus Axis powers,” and they “can’t be Switzerland and sit neutral in the middle,” according to recent testimony.
Lawyers and rival owner factions at the Philadelphia Inquirer return to a City Hall courtroom this morning for more arguments, as a Common Pleas Judge tries to decide who is in charge.
But Lewis Katz and Gerry Lenfest say they’re not interested in selling.
High-powered lawyers made their pitches on venue: Philadelphia, where the papers are based; or Delaware, where the company is incorporated.
Ten lawyers marched single-file into a judge’s chambers for private, closed-door talks, after which in open court the judge said only that she would hear arguments next week on where the case should be heard.