The Philadelphia story finally has an ending.
Lewis Katz, parking lot magnate and the former owner of the then-New Jersey Nets and New Jersey Devils, and his ally — cable mogul H.F. “Gerry” Lenfest — on Tuesday won control at an insider auction of the company that owns the Philadelphia Inquirer, the Philadelphia Daily News and Philly.com.
The Katz win — he bought the papers for $88 million, including $15 million in debt — ends a bitter fight among feuding owners.
Katz immediately told employees Tuesday afternoon that publisher Robert Hall, who had sidedwith the rival ownership team in the battle, will be replaced by Lenfest, who will serve as interim publisher until a permanent publisher/CEO is found.
Katz beat out a group headed by insurance honcho and New Jersey Democratic Party power broker George Norcross, and two other owners, William P. Hankowsky and Joseph E. Buckelew.
The three controlled about 57 percent of Interstate General Media.
But in Tuesday’s auction, the Norcross team opted not to top the bid submitted by the Katz/Lenfest team, who owned the remaining 43 percent of the now-dissolved ownership group.
Lenfest, a Philadelphia philanthropist and businessman, doesn’t need the cash from the job. He estimated that he made about $1 billion by selling his Comcast stock.
Editor-in-Chief Bill Marimow is expected to be retained.