George Norcross Iii

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Lewis Katz, left, addresses a news conference while accompanied by William P. Hankowsky, right, and George Norcross III, Monday, April 2, 2012, in Philadelphia. The three are part of group of powerful business leaders that announced Monday that they have closed a deal to purchase Philadelphia's two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.(AP Photo/Matt Rourke)