Katz son sells stake in Philly papers to Lenfest for $16 million
Philanthropist H.F. “Gerry” Lenfest is now the sole owner of Philadelphia’s largest newspapers after his late partner’s family sold its $16 million stake.
The deal Wednesday caps a year of internal turmoil at The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com newsrooms.
Lenfest and Lewis Katz had bought out their feuding partners at an $88 million auction last month and pledged to keep the newsrooms strong. But Katz died in a plane crash days later.
Son Drew Katz said he needs to focus on his family’s interests. His father had owned several sports teams, a parking lot empire and a billboard company.
The 84-year-old Lenfest said he is honored and humbled to lead the company toward “a bright future.”Amid the turmoil, three top Philly.com executives resigned this week.
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