Philadelphia newspapers may trade hands Monday
PHILADELPHIA - March 30, 2012 (WPVI) -- Philadelphia's two largest newspapers could trade hands Monday for the fifth time in six years.
A group of powerful local businessmen is trying to close a deal to buy The Philadelphia Inquirer and Philadelphia Daily News.
Cable TV mogul H.F. "Gerry" Lenfest, the group's chairman, tells The Associated Press an announcement could come Monday.
His partners include powerful New Jersey Democrat George Norcross III and former New Jersey Nets owner Lewis Katz. The price is expected to be less than $70 million.
Business magnate Raymond Perelman says Friday that he withdrew from the group because he wouldn't have been a majority owner.
The 94-year-old philanthropist lost out to creditors who bought the company in a 2010 bankruptcy auction for $139 million. Perelman remains interested if the Lenfest bid falls apart.
philadelphia daily news, philadelphia inquirer, business/finance
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