The war for sole possession of Philadelphia's two major newspapers and the largest local news website in the region was settled at a owners-only private auction Tuesday.
Lewis Katz and H.F. "Gerry" Lenfest outbid fellow co-owners George E. Norcross III, Joseph Buckelew and William Hankowsky for sole ownership of Interstate General Media, which is comprised of the Inquirer, Daily News and Philly.com.
The Lenfest and Katz duo won the auction, which took place in a local law firm's office and was closed to the public and press, with a final bid of $88 million.
The five purchased the brands and formed the group together in 2012 for $55 million.
The auction was the result of disagreements between the owners, namely Norcross and Lenfest, over the direction of the individual brands.
The media company has changed hands more than five times since 2006.
In a statement, the Norcross group said it was "Happy for the company’s employees, readers and advertisers that this issue is now resolved."
"It is time to return the company’s focus to journalism, and away from conflict among its owners."
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