Quantcast
Home » News
Home » News

Lenfest becomes sole owner of Philly newspapers

Published June 11, 2014 4:22 pm

Acquisition • Cable magnate buys out son of business partner killed in plane crash.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Philadelphia • A cable magnate has completed an $88 million deal to take over Philadelphia's largest newspapers after a bitter court fight and the sudden death of his business partner.

H.F. "Gerry" Lenfest becomes the sole owner of The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com.

The 84-year-old Lenfest is overseas and has not returned messages this week.



But outgoing owner George Norcross, the New Jersey Democratic powerbroker, confirms the sale was finalized before Wednesday's court deadline.

Lenfest and businessman Lewis Katz recently bid $88 million to buy out Norcross and other partners who bought the company in 2012.

Katz died in a plane crash days later. His son, Drew, decided Monday to sell his $16 million stake to Lenfest.

The company has been sold six times in eight years.

 

 

 

USER COMMENTS
Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
comments powered by Disqus