A Delaware judge ruled Friday afternoon that Philadelphia’s dailies will be sold at an ascending-bid auction open only to insiders no later than May 28, 2014. The decision is a victory for Inquirer and Daily News co-owner George Norcross.
Lewis Katz, another owner, wanted the papers and philly.com to be sold at a sealed-bid auction open to anyone.
Norcross’s spokesman sends this statement:
We are pleased that Vice Chancellor Parsons has agreed that the best way to end the IGM partnership is through a members only sale process, just as the original agreement stipulated. We are also pleased that he has agreed that the bidding process should be open and transparent and that it should be done quickly.
Mr. Norcross looks forward to the bidding process and, if he is successful, restarting the progress the company was making before being derailed by this litigation.