News

Philly news heir sells stake; Lenfest sole owner

Written by The Associated Press | Jun 18, 2014 12:57 PM
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(Philadelphia) -- Philanthropist H.F. "Gerry'' Lenfest is now the sole owner of Philadelphia's largest newspapers, after his late partner's family sold its $16 million stake.

The deal finalized today caps a year of turmoil at The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com newsrooms.

Lenfest and Lewis Katz had bought out their feuding partners at an $88 million auction last month and pledged to keep the newsrooms strong. But Katz died in a plane crash days later.

Son Drew Katz says he needs to focus on his family's interests. His father had owned several sports teams, a parking lot empire and a billboard company.

The 84-year-old Lenfest says he is honored and humbled to lead the company toward "a bright future."

Amid the turmoil, three top Philly.com executives resigned this week.

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