Businessman wants to buy Philadelphia Inquirer PDF  | Print |  E-mail
Written by Associated Press   
Monday, 04 November 2013 07:29

PHILADELPHIA (AP) — Multimillionaire businessman and philanthropist Raymond Perelman is hoping to buy the Philadelphia Inquirer, but he doesn't expect the current owners to sell.

Perelman said his goal is to end the strife between two factions that are battling in court for control of the company's three media properties, the Inquirer (http://bit.ly/1hEZ64P ) reported Sunday.

"Something has to happen," Perelman told the paper. "The feuding can't continue."

The 96-year-old Perelman has pursued The Inquirer, the Philadelphia Daily News, and Philly.com before. His latest expression of interest comes amid the ongoing legal battle between co-owners George E. Norcross III and Lewis Katz, and other partners.

Katz and fellow co-owner H.F. "Gerry" Lenfest filed suit against Norcross and three other partners, seeking a court order to reverse last month's firing of Inquirer editor William K. Marimow.

"I'd like to buy them all out, but I don't think all of them will sell," Perelman said.

Perelman is the only outsider to go public with an offer to invest in the company. Leaders of the Newspaper Guild, the union representing the newsrooms and other IGM employees, have said they are seeking new investors to try to end the impasse.

Union officials have declined to name the prospects, but said that Perelman was not among them. Perelman heads privately held RGP Holdings Inc., which includes manufacturing, mining and financial interests.

In 2010, Perelman and the Carpenters Union pension fund bid for the three media properties in a bankruptcy auction. They lost out to a group of hedge funds and investment banks that held the company's debt. He sought to try to buy the paper last year as well, but was not allowed to bid.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Front Page Stories

Body of BGSU student found
07/23/2014 | Sentinel-Tribune Staff
article thumbnail

A missing poster for Cory Barron, is posted on a light pole along West 6th Street in Cle [ ... ]


Chinese lanterns may have ignited fire
07/23/2014 | PETER KUEBECK, Sentinel Staff Writer
article thumbnail

File photo. A firefighter is seen near a fire engulfing a pallet yard on West Broadway S [ ... ]


Other Front Page Articles