The Philadelphia Inquirer and Philadelphia Daily News are being sold for the fifth time since 2006.
Powerful businessmen George Norcross and Lewis Katz led the latest $55 million purchase in 2012. But, they began feuding over management issues and are now locked in a battle to buy each other out.
Both have pledged opening bids of $77 million, enough to repay their partners.
Norcross owns just over 50 percent of the company. Katz is bidding with investor H.F. "Gerry" Lenfest, a wealthy city philanthropist.
He says he would steer coverage toward "hyper-local" news and sports.
Katz supports the investigative reporting favored by current Inquirer editor Bill Marimow. The company also operates the Phily.com website.
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