Judge: Philly Newspapers to Be Sold to Insiders

By Maryclaire Dale
|  Friday, Apr 25, 2014  |  Updated 10:04 PM EDT
View Comments (
)
|
Email
|
Print
Judge: Philly Newspapers to Be Sold to Insiders

Getty Images

A Delaware judge has ruled that Philadelphia's two largest newspapers will be sold at an ascending-bid auction open only to insiders.

The decision Friday is a victory for majority owner George Norcross in his fight for control of The Philadelphia Inquirer and Philadelphia Daily News.

Norcross and fellow investor Lewis Katz have been locked in a fight over how to run the company, prompting the latest sale.

Both men have pledged to open with a starting bid of $77 million, which would make their 2012 investing partners whole.

The local newspaper guild had hoped to bid with backing from an investor, but said this week they would not match that opening bid.

Katz had fought for the company to be sold at a sealed-bid auction open to anyone.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
10 Questions With
We sit down with some of the most... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out