BEIRUT

World

Philadelphia Inquirer co-owner Katz dies at 72

  • Lewis Katz, Co-Managing Partner, Philadelphia Media Network and former owner of the New Jersey Nets NBA basketball team and the New Jersey Devils NHL hockey team participates in a panel discussion at the Milken Institute Global Conference in Beverly Hills, California in this May 2, 2012 file photo. REUTERS/Danny Moloshok/Files

PHILADELPHIA: Lewis Katz, a self-made man who built his fortune in New York parking lots, billboards and cable TV, and went on to buy the NBA's New Jersey Nets, NHL's New Jersey Devils and The Philadelphia Inquirer, died in a weekend plane crash. He was 72.

Katz died Saturday night in a Massachusetts crash that claimed six other lives. His death was confirmed Sunday by his son, Drew, and his business partner Harold H.F. "Gerry" Lenfest.

Katz grew up in working-class Camden, New Jersey, and worked as a lawyer before earning hundreds of millions of dollars investing in the Kinney Parking empire and the Yankees Entertainment and Sports Network in New York. He went on to become a major philanthropist in the Philadelphia region.

"You've got to make money in the world that we live in, in order to accomplish what your ultimate goal is. But along with making money, equally important is preserving, for the community, a community trust," Katz testified at an April hearing on the Inquirer's sale. "That's what this paper represents."

Tributes poured in from prominent figures in sports, media, politics, business and education, reflecting the wide range of his interests and charitable endeavors. NBA Commissioner Adam Silver called him "a visionary"; the Yankees held a moment of silence before Sunday's game. Temple University recalled his recent advice to graduates to "have as much fun as you can conjure up."

"He was a visionary businessman who touched the lives of so many with his tireless pursuit of innovation and enterprise, as well as his deep commitment to his family, friends and community," Silver said in a statement.

NHL Commissioner Gary Bettman in a statement called Katz a man of "tremendous influence" and sent condolences to Katz's family and "the many organizations that benefited from his philanthropy."

Katz, in his April testimony, said he had lost money on both the Nets and Devils, but made it big through the 2012 sale of the sports cable network.

"We lost our shirt in the Devils and the Nets," he testified. "But for the YES network, I'd be back in my law office in Cherry Hill, waiting for the clients to come in again."

He hoped to be a hands-off owner of the Inquirer, where his longtime companion, Nancy Phillips, was the city editor.

"I'm spending, hopefully, a lot more time with my grandchildren and I've opened a school in Camden for approximately 300 children," he testified. "I'm not active in business, anymore."

Katz had agreed to invest $16 million for a 26 percent stake in the Inquirer and Philadelphia Daily News in 2012 at the behest of former Pennsylvania Gov. Ed Rendell, who wanted to return the newspapers to local ownership after a bankruptcy that left them in the hands of New York hedge funds.

But a feud with rival investor George Norcross, an equally powerful business leader, over the direction of the news business forced him to be more a more active owner.

Katz filed suit last year to stop Norcross from firing Pulitzer Prize-winning editor Bill Marimow. He succeeded, then joined Lenfest in bidding $88 million to buy out Norcross and his allies at an auction Tuesday.

"He was very creative, as a person and as a business partner," Lenfest said. "He thought beyond the edge. He had wonderful, creative ideas."

The sale had been set to close June 12, but will now be delayed for 30 days to give Katz's family time to get the estate in order, Lenfest said.

"We'll lose his expertise, but the paper will continue because we both intended to put a new CEO in charge of the day-to-day operations," Lenfest said.

Drew Katz will take his father's seat on the board of directors, Lenfest said.

 
Advertisement

Comments

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

comments powered by Disqus
Summary

Lewis Katz, a self-made man who built his fortune in New York parking lots, billboards and cable TV, and went on to buy the NBA's New Jersey Nets, NHL's New Jersey Devils and The Philadelphia Inquirer, died in a weekend plane crash.

Katz died Saturday night in a Massachusetts crash that claimed six other lives.

Katz, in his April testimony, said he had lost money on both the Nets and Devils, but made it big through the 2012 sale of the sports cable network.

Katz had agreed to invest $16 million for a 26 percent stake in the Inquirer and Philadelphia Daily News in 2012 at the behest of former Pennsylvania Gov. Ed Rendell, who wanted to return the newspapers to local ownership after a bankruptcy that left them in the hands of New York hedge funds.

Katz filed suit last year to stop Norcross from firing Pulitzer Prize-winning editor Bill Marimow.


Advertisement

FOLLOW THIS ARTICLE

Interested in knowing more about this story?

Click here