Two owners of the Philadelphia Inquirer and Daily News gain control

A Philadelphia Daily News columnist says the staff is not celebrating the paper's fifth change of owner in eight years.
By Frances Burns   |   May 27, 2014 at 3:56 PM
| License Photo

PHILADELPHIA, May 27 (UPI) -- Philadelphia's two major daily newspapers changed hands again Tuesday in an auction that resolved a dispute between the owners.

Lewis Katz, a Philadelphia businessman, and philanthropist H.F. "Gerry" Lenfest agreed to pay $88 million, outbidding George Norcross, a South Jersey businessman and powerful Democratic leader, in a private auction. Norcross, Katz and Lenfest headed a group that bought the newspapers in April 2012, but had recently been unable to agree on how to run them.

Stu Bykofsky, a longtime Daily News columnist, said no one in the newsroom was breaking out the champagne.

"This is like the fifth sale we've been through in the last eight years. So I think there's a sort of a mood of apprehension. We don't know what's going to happen next," Bykofsky said. "We do know after all the preceding sales, generally we've taken a hit -- the employees -- we've lost our pension, we have to take a two-week furlough, our pay has been cut, so we wonder what comes next."

The Inquirer was one of the country's most-admired newspapers for many years. The Daily News had a smaller national reputation but was known locally as a scrappy tabloid.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Lonely horse forms close bond with rescue dog
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting