Ownership Situation at Inquirer Still Plenty Dramatic
Well, the sale of the Inquirer, Daily News, and Philly.com to Gerry Lenfest — completed about a week ago now — hasn’t ended the drama at Philly’s biggest daily newspapers.
The Philadelphia Business Journal rounds up the latest, including an interview with Lenfest himself:
• Lenfest said that former owner/publisher Brian Tierney, brought on as a part-time advertising consultant, would not be considered for the position of permanent publisher of the Inquirer. (Lenfest holds the title on an interim basis.)
Reports suggested that Tierney was already causing upheaval in the papers’ advertising department, but Lenfest told PBJ: “We just asked him to come and help out with advertising because he had more success with it than we’ve had the last three years. But he’s not full time. He has his own company to run.”
• Lenfest said Drew Katz, the son of his late business partner Lew Katz, still hadn’t settled a sale of his shares in the newspaper company — inheried from his father — back to Lenfest, as Drew Katz announced last week he would do. Lenfest would not comment further.
• Confirmed that the newspaper guild — which represents the journalists at the paper — wants Drew Katz to hold onto his shares and participate in management.
Just another week at the papers. (Philadelphia Business Journal)