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Philadelphia Inquirer and Daily News up for auction today

Written by The Associated Press | May 27, 2014 4:20 AM
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(Philadelphia) -- A closed-door auction is scheduled this morning to determine the future of Philadelphia's two largest newspapers  

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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