Philadelphia's two biggest newspapers were formally sold on Wednesday to a former cable television executive, capping months of power struggles and legal battles complicated by the recent death of one of the owners in an airplane crash.
The buyer was H.F. Lenfest, 84, who paid $88 million to buy out other co-owners of the Philadelphia Inquirer, the Daily News and their online site, Philly.com. at auction last month.The sale marks the fifth time the Inquirer has changed hands in eight years, according to Philly.com.
Lenfest, who is known as Gerry, bought out three partners, led by New Jersey insurance executive George Norcross, who offered supportive words to the new owner.
"We have had the opportunity to work with Gerry over the last two years and are confident he will do all he can to make the papers and Philly.com strong, vibrant journalism outlets," they said in a statement.