MORE NATIONAL NEWS
United States News
News from the region's first prime-time newscast. You'll find it First On Fox!
Judge: Philly newspapers to be sold to insiders at ascending-bid auction
Reported by: Associated Press
Reported: Friday, April 25, 2014 5:18 PM EDT
A Delaware judge has ruled that Philadelphia's two largest newspapers will be sold at an ascending-bid auction open only to insiders.
Norcross and fellow investor Lewis Katz have been locked in a fight over how to run the company, prompting the latest sale.
Both men have pledged to open with a starting bid of $77 million, which would make their 2012 investing partners whole.
The local newspaper guild had hoped to bid with backing from an investor, but said this week they would not match that opening bid.
Katz had fought for the company to be sold at a sealed-bid auction open to anyone.