George Norcross
and another owner of the Philadelphia Inquirer are offering $29 million to buy
out their partners and settle the litigation.
Norcross and William
P. Hankowsky, who own 58 percent of Interstate General Media (holding company
for the Inquirer, Daily News and Philly.com), are offering to buy out Lewis
Katz and Gerry Lenfest.
If accepted, the
deal would settle the current legal battle over the Norcross-backed firing of
Editor Bill Marimow.
Norcross and
Hankowsky released the following statement:
“We did not want
or initiate the litigation that has created a sideshow that will ultimately
waste hundreds of thousands, if not millions, of dollars in legal fees that
could be used to further the strengthen and build the company. We are, however,
prepared to end it by purchasing the minority share of the company owned by
Messrs. Katz and Lenfest for immediate cash, with no strings attached.
“We are offering
to purchase their shares for $29 million, which represents a nearly 12 percent
profit over their investment in just over 18 months, not a bad return in this
economic environment. We will wire the funds to their accounts within 24 hours
of an agreement.”
Source: Philadelphia
Businesss Journal
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