Katz Lenfest win auction of IGM with $88 million bid
Subject: GUILD BULLETIN: Lewis Katz and Gerry Lenfest win auction for IGM at $88 million
The judge-ordered auction for Interstate General Media took place this morning at the offices of Dechert LLP in the Cira Center. After about 90 minutes of bidding, the winners were Lewis Katz and Gerry Lenfest at $88 million.
That’s $11 million more than the floor bid and we thought the floor was too high. But congratulations to Mr. Katz and Mr. Lenfest and thanks to Mr. Norcross and his group for the hard work and commitment they brought to IGM.
While the Newspaper Guild is pleased to have the last few months of turmoil behind us, there remains a lot of work to do and the next few days, weeks and months will bring many changes. As we have done with all previous ownership groups, the Guild will work with Mr. Katz and Mr. Lenfest and whomever they bring in to continue on the path toward profitability and success. As the union which represents editorial personnel in the newsrooms and philly.com, advertising personnel and staff in circulation, marketing and finance we remain the future of this organization and plan to make that future as bright as possible with our hard work and expertise and not with any more givebacks.
The contracts, for now, remain in place.
Howard Gensler, President
Bill Ross, Executive Director
The Executive Board of the Newspaper Guild of Philadelphia, CWA-Local 38010