News

Workers plan joint bid for Philly newspapers

Written by The Associated Press | Jan 13, 2014 12:06 PM
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(Philadelphia) -- Workers at Philadelphia's two largest newspapers plan to mount a bid to buy their company from feuding owners.

The Newspaper Guild would join with an unnamed partner to bid on The Philadelphia Inquirer, Philadelphia Daily News and Philly.com.

The guild has about 550 workers at the company. Their lawyers filed papers today seeking to intervene in a proposed auction.

They would likely compete with powerful millionaire owners who want to dissolve their partnership and force each other out. They are George Norcross, an insurance executive and Democratic political force, and Lewis Katz, the former owner of the New Jersey Nets.

Both are expected to mount competing bids if a judge agrees to an auction.

The company has changed hands repeatedly in recent years, and sold for about $55 million in 2012.

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