The 128-year-old Philadelphia weekly says this was the only way to keep the paper running.
The contract negotiations involve workers at the Philadelphia Inquirer, the Daily News, and Philly.com.
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.
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.
It’s part of on ongoing power struggle by the estranged co-owners of the Philadelphia Inquirer and Daily News.
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.
There was yet another surprise in the lawsuit between the warring owners of the Philadelphia Inquirer.
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.
A rail car loaded with 1,500-pound rolls of newsprint is at the heart of the lawsuit filed by Sarah Troester of Claymont, Del.
The Newspaper Guild was the last of the company’s 11 unions to approve a new deal, which the company said it required to remain viable.
Teamsters leader John Laigaie says the vote was 169 to 4 because his members understand the realities of a newspaper business in decline.
A city councilman wants to expand the amount of advertising that’s allowed on Philadelphia newsstands, with some of the extra revenue going to the city.
Owners of the Philadelphia Inquirer and Daily News say they expect further concessions from the unions to cut costs.