PHILADELPHIA — The son of a Philadelphia Inquirer investor won’t go forward with plans to buy the company this week, citing “the turmoil” of his father’s recent plane crash death.
Drew Katz says “the turmoil of the last 10 days” has led him to abandon the planned $88 million purchase of the company today.
That leaves city philanthropist H.F. “Gerry” Lenfest the sole buyer.
The surprise announcement comes after his father, Lewis Katz, and six others died May 31 in a crash near Boston.
Lewis Katz and Mr. Lenfest had recently bid $88 million to buy out their business partners and take over the company.
The company also operates the Philadelphia Daily News and Philly.com website.