Katz Bests Norcross in Inky Auction
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…
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