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updated: 5/27/2014 12:38 PM

Philadelphia Inquirer, Daily News up for auction

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Associated Press

PHILADELPHIA -- A closed-door auction is scheduled Tuesday to determine the future of Philadelphia's two largest newspapers.

The Philadelphia Inquirer and Philadelphia Daily News are being sold for the fifth time since 2006.

Powerful businessmen George Norcross and Lewis Katz led the latest purchase, for $55 million in 2012. But they began feuding over management issues and are now locked in a fight to buy each other out.

Both have pledged opening bids of $77 million, enough to repay their partners.

Norcross owns just over 50 percent of the company. Katz is bidding with investor H.F. "Gerry" Lenfest, a wealthy city philanthropist.

Norcross says he would steer coverage toward "hyper-local" news and sports.

Katz supports the investigative reporting favored by current Inquirer editor Bill Marimow.

The company also operates the Philly.com website.

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