News

Rivals debate auction rules for Philly newspaper

Written by The Associated Press | Feb 20, 2014 12:26 PM

(Philadelphia) -- The top investor in Philadelphia's largest newspapers wants the company sold in a quick, closed auction among current partners.

newspaper2.jpg

Powerful Democrat George Norcross is feuding with rival Lewis Katz over the newspapers, less than two years after they joined forces to buy them.

The company operates The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com.

Both factions have filed briefs this week in the Delaware court handling the dissolution and sale of the company.

Norcross wants a private sale among current investors, done on just a few days notice.

He says the prolonged feud is keeping them from hiring new management, and paralyzing employees.

Katz says a sealed-bid auction, open to anyone, would fetch the highest price.

Katz first wants a court hearing to debate the auction rules.

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