Another ownership change is coming to the Philadelphia Inquirer, Daily News and Philly.com as Lewis Katz' son Drew announced he will sell his stake in the company Wednesday.
The late Lewis Katz, who died in a tragic airplane crash last month days after buying the media portfolio for $88 million along with partner Gerry Lenfest from his former co-owner George Norcross and partners, had willed his stake in the company to his son Drew.
But the Daily News reported today that Drew Katz has agreed to sell his his inheritance from his father to Lenfest, making Lenfest the company's sole owner.
Katz told the Daily News the decision was due to the "turmoil" of the last 10 days.
This announcement was reportedly released in response to a BigTrial.net story citing sources who said that almost immediately after Katz and Lenfest bought the papers on May 27 at a private auction, Katz stated he wanted son Drew to be a partner, which offer Lenfest reportedly declined.
The BigTrial.net piece states that Lenfest did not call Drew Katz to offer condolences for his father's death and did not include Drew Katz in the planning of how to steward the papers after his father's death. The story states the relationship immediately became hostile, and that Lenfest decided to take over the papers:
"When Lewis Katz died, Gerry Lenfest basically staged a coup. Drew Katz decided to take a hike," the story states.
Katz told the Daily News that Lenfest did send him a heartfelt note after Lewis Katz died along with four others in a freak plane explosion May 31 near Concord, Massachusetts.