With a bid of $88 billion, Lewis Katz and “Gerry” Lenfest won the auction of the parent company of the Philadelphia Inquirer and Philadelphia Daily News.
Business leaders and philanthropists Lewis Katz and “Gerry” Lenfest won the auction of the parent company of the Philadelphia Inquirer and Philadelphia Daily News with a bid of $88 million during a closed-door session held earlier today.
The two reportedly outbid their main competition for the two papers and their shared online site, philly.com — Joseph Buckelew, George Norcross III and William Hankowsky — with whom they purchased the company and put together Media Holdings LLC two years ago.
Both Katz and Lenfest are formidable figures in area philanthropy. Katz has donated to three Jewish Community Centers in South Jersey and the Katz JCC in Cherry Hill is named after his parents, Milton and Betty. He was also inducted into the Philadelphia Jewish Sports Hall of Fame as a 2012 Pillar of Achievement honoree for his track record as a sports team impresario.
Lenfest, who is not Jewish, has long been active in myriad causes throughout the region, including supporting Abington Memorial Hospital and donating scholarships to area students.