Wednesday, June 18, 2014
PHILADELPHIA (AP) — 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 finalized Wednesday caps a year of 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 says 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 says he is honored and humbled to lead the company toward "a bright future."
Amid the turmoil, three top Philly.com executives resigned this week.