.

Katz's Son to Sell Stake in Inquirer, Daily News

The Philadelphia Inquirer reported that Drew Katz, 42, announced Tuesday that he will sell his father's stake in the media company.

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 Norcross. Their 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.


luis cabrera June 11, 2014 at 01:29 PM
George Norcross is interested in buying it ,way back

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »