Lawyer: Philly newspaper auction set for May 27
(AP Photo/Matt Rourke)
The feuding owners of Philadelphia’s two largest newspapers will vie for the company at a head-to-head auction set for May 27.
The Philadelphia Inquirer and Philadelphia Daily News are being sold for the fifth time since 2006, as the industry struggles to stay afloat.
Wealthy local businessmen George Norcross and Lewis Katz led the last purchase in 2012, but soon started fighting over management issues.
They will now compete at a two-party auction.
Veteran city lawyer Richard Sprague represents Katz. Sprague says the auction is set for May 27 at a Philadelphia law firm.
He says it’s not yet clear if the bidding will take place in public or behind closed doors.
Both Norcross and Katz have pledged minimum bids of $77 million, enough to make their investment partners whole.
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