News

Rivals threaten another sale of Philly newspapers

Written by The Associated Press | Jan 3, 2014 5:49 PM
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(Philadelphia) -- The new year has brought little peace among the warring owners of Philadelphia's two largest newspapers.

Majority owner George Norcross says his partner's plans could again bankrupt The Philadelphia Inquirer and Philadelphia Daily News.

Norcross's court filing says rival owner Lewis Katz wants to dissolve the current ownership structure through a public auction.

He says that could bankrupt the company, which has changed hands repeatedly since 2006.

Norcross, a powerful insurance executive, suggests an in-house auction among current owners.

The two men have been fighting for control of the media company for months, after their investor group bought the company in 2012.

A judge recently sided with Katz and returned fired Editor William Marimow to the newsroom, but also kept Publisher Bob Hall, who is backed by Norcross.

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