Businessman Katz buying Philadelphia newspapers

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Photo - Businessman Lewis Katz arrives for a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and philanthropist H.G. "Gerry" Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)
Businessman Lewis Katz arrives for a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and philanthropist H.G. "Gerry" Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)
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PHILADELPHIA (AP) — Pulitzer Prize-winning editor Bill Marimow is expected to stay atop The Philadelphia Inquirer after the newspaper was sold at an insider sale.

Businessman Lewis Katz and philanthropist H.F. "Gerry" Lenfest won Tuesday's auction with an $88 million bid. They beat out George Norcross, a businessman and powerful New Jersey Democrat.

Katz vows to make the Inquirer one of the country's great newspapers, with a focus on serious journalism. Yet he concedes that advertising and circulation continue to decline.

He says it will be "an enormous undertaking" to stabilize the company, which operates the Inquirer, the Philadelphia Daily News and Philly.com.

The company is being sold amid an ownership feud between Katz and Norcross. They were among a group that bought the company for $55 million in 2012.

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