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Businessman Lewis Katz, left speaks at a news conference after a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and philanthropist H.G. "Gerry" Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)

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Businessman Lewis Katz, left, and philanthropist H.G. "Gerry" Lenfest speak at a news conference after a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)

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Businessman Lewis Katz, left, and philanthropist H.G. "Gerry" Lenfest speak at a news conference after a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)

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Philanthropist H.G. "Gerry" Lenfest, left, and businessman Lewis Katz arrive for a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)

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a6beb027b6795f14550f6a706700868e.jpg

Businessman Lewis Katz arrives for a closed-door auction to buy the The Philadelphia Inquirer and Philadelphia Daily News Tuesday, May 27, 2014, in Philadelphia. Katz and philanthropist H.G. "Gerry" Lenfest are taking over Philadelphia's two largest newspapers with an $88 million auction bid. (AP Photo/Matt Rourke)

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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)