Katz Bests Norcross in Inky Auction

By Matt Rooney | The Save Jersey Blog

InquirerThe Philadelphia Inquirer auction is over, Save Jerseyans, and the outcome will surprise (and delight) many in equal measure.

A group led by Lewis Katz and Gerry Lenfest was reportedly the winner of a dramatic closed-to-the-press “English-style auction” for control of the Inquirer, Daily News, and Philly.com on Tuesday morning.

The final price tag? $88 million, $11 million higher than the court-imposed opening bid for the faction of Katz’s ally-turned-opponent and New Jersey political boss George Norcross III, a result which will undoubtedly please a news room concerned over the notorious politico’s influence over their work product as well as his many enemies (on both sides of the aisle) on this side of the Delaware. It’s a big loss for a guy who isn’t used to losing…

Developing….

Matt Rooney

Matt Rooney

Save Jersey’s Founder and Blogger-in-Chief, Matt Rooney is a widely-respected New Jersey political commentator, practicing attorney at the law firm of DeMichele & DeMichele in Haddon Heights, and a graduate of the Rutgers Camden School of Law.

21 Comments

  1. He walked away with a profit. Nothing really changes in this quote from a Yahoo new source (that clearly doesn’t fully understand Norcross): “”Norcross is one of the most powerful figures in Philadelphia’s southern New Jersey suburbs, with interests in media, health care, education, banking, insurance and politics.”

  2. Yes, absolutely he wanted, the newsroom didn’t want him to have it….Somehow cigar night at the league will still be enjoyable although it may not be that he didn’t get the paper as much as he couldn’t find another funding partner? Whatever its a mostly happy day inside the Inky.

  3. George and friends now have eleven million more dollars than they had yesterday, A really nice profit for their two year investment. That eleven million would be a good start on the purchase of something that could translate to more political power in N.J., like the Star-Ledger.

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  6. Not one post on Katz’ demise? The elephant in the room…George’s complicity or lack thereof may never be fully understood. What did Katz have that made him marked for death? The Gural tapes?

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