Written by Kara Seymour
The son of Lewis Katz will sell his father’s stake in the Philadelphia Inquirer, the Daily News and Philly.com. The Philadelphia Inquirer reported that Drew Katz, 42, announced Tuesday that he will sell his stake in the media company to H.F. "Gerry" Lenfest.
Lewis Katz, 72, had acquired full possession of the Philadelphia Media Network just days before his death on May 31. Katz's private plane crashed at takeoff while leaving an event in Massachusetts.
Lewis Katz and H.F. "Gerry" Lenfest had just days before won a
power struggle for the media network, outbidding a group led by Democratic powerbroker George
winning bid was $88 million.
With Drew Katz's withdrawal, it will now cost Lenfest $42 million to buy
out Norcross. He may also have to repay Drew Katz $16 million for his
father's investment, the Courier Post reports.
Seven people were killed when Katz’s private
plane crashed while taking off in Bedford, Mass. The plane was returning home
to New Jersey when the plane crashed at around 9:40 p.m.