Business

Owner: Philly newspapers will be vital legacy

By Maryclaire Dale
Published June 19, 2014 5:20am ET
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Owner: Philly newspapers will be vital legacy
FILE - Philanthropist H.G. "Gerry" Lenfest speaks at a news conference after a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News in this Tuesday, May 27, 2014 file photo taken in Philadelphia. Lenfest, 84, became the sole owner of The Philadelphia Inquirer and Philadelphia Daily News Thursday June 19, 2014, ending a turbulent year marked by a bitter feud among investors, a court-ordered buyout, and the plane crash death of co-owner Lewis Katz. (AP Photo/Matt Rourke, File) | Matt Rourke

PHILADELPHIA (AP) — Philanthropist H.F. “Gerry” Lenfest has given away most of his $1.2 billion fortune, but he believes his earlier gifts will “pale in comparison” to his work to enrich Philadelphia’s largest newspapers.

Lenfest, 84, became the sole owner of The Philadelphia Inquirer and Philadelphia Daily News this week, ending a turbulent year marked by a bitter feud among investors, a court-ordered buyout, and the plane crash death of co-owner Lewis Katz.

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