The feuding owners fighting for control of the Philadelphia Inquirer and Daily News now know more about a potential third bidder, the Newspaper Guild. It represents reporters, photographers and others.
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.
Lawyers for rival owner factions at the Philadelphia Inquirer were making arguments n a Philadelphia courtroom on what they say has been “editorial interference” by the ownership group.
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.
In a two-week span, publisher Bob Hall fired editor Bill Marimow, two co-owners filed a lawsuit seeking to re-instate Marimow and fire Hall, and another owner filed a counter-suit.
When publisher Robert Hall fired Inquirer editor Bill Marimow last week, the feud among the owners of the Philadelphia Inquirer and Daily News become public.
Two of the Inquirer’s owners are suing its parent company and its publisher.
A group of powerful business leaders announced Monday they have closed a deal to purchase Philadelphia’s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.