Philadelphia Inquirer, Daily News up for auction

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May. 27, 2014 9:39 AM EDT

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Philadelphia Inquirer, Daily News up for auction
PHILADELPHIA - FEBRUARY 23: Copies of the Philadelphia Inquirer and Philadelphia Daily News both addressed the company's bankruptcy filing in their Monday editiions February 23, 2009 in Philadelphia, Pennsylvania. Philadelphia Newspapers LLC, owner of The Philadelphia Inquirer, Philadelphia Daily News, and Philly.com, filed for bankruptcy protection Sunday in an attempt to restructure the company's debt, estimated at $390 million. (Photo Illustration by William Thomas Cain/Getty Images)
PHILADELPHIA - FEBRUARY 23: Newspapers await purchase as pedestrians pass by honor boxes at the Philadelphia Inquirer Building February 23, 2009 in Philadelphia, Pennsylvania. Philadelphia Newspapers LLC, owner of The Philadelphia Inquirer, Philadelphia Daily News, and Philly.com, filed for bankruptcy protection Sunday in an attempt to restructure the company's debt, estimated at $390 million. (Photo by William Thomas Cain/Getty Images)
PHILADELPHIA - FEBRUARY 23: The Philadelphia Inquirer Building is seen February 23, 2009 in Philadelphia, Pennsylvania. Philadelphia Newspapers LLC, owner of The Philadelphia Inquirer, Philadelphia Daily News, and Philly.com, filed for bankruptcy protection Sunday in an attempt to restructure the company's debt, estimated at $390 million. (Photo by William Thomas Cain/Getty Images)
UNITED STATES - MARCH 13: Delivery trucks of both the Philadelphia Inquirer and the Philadelphia Daily News stage at the company printing plant in West Conshohocken, Pennsylvania, March 13, 2006. McClatchy Co., owner of the Sacramento Bee and Minneapolis Star Tribune, agreed to pay about $4.5 billion for Knight Ridder Inc., the No. 2 U.S. newspaper chain. California-based McClatchy plans to sell a dozen Knight Ridder newspapers including the Philadelphia Inquirer and San Jose Mercury News that aren't in high-growth areas. (Photo by Bradley C. Bower/Bloomberg via Getty Images)
PHILADELPHIA - MARCH 13: Pedestrians walks past the PNI Building, which houses the Philadelphia Inquirer and Daily News March 13, 2006 in Philadelphia, Pennsylvania. McClatchy Company agreed to purchase Knight Ridder, but officials have stated that they would sell off about 12 of the newspapers, including the Philadelphia Inquirer and Daily News. (Photo by William Thomas Cain/Getty Images)
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PHILADELPHIA (AP) - A closed-door auction is getting underway to determine the future of Philadelphia's two largest newspapers.

The Philadelphia Inquirer and Philadelphia Daily News are being sold for the fifth time since 2006.

Businessmen George Norcross and Lewis Katz led the latest purchase, for $55 million in 2012. But they began feuding and are now competing to take control.

They're now at a Philadelphia office building for an auction, with bidding set to begin at $77 million.

Norcross owns over 50 percent of the company. Katz is bidding with philanthropist H.F. "Gerry" Lenfest.

Norcross says he would steer coverage toward more local news and sports.

Katz supports the investigative reporting favored by current Inquirer editor Bill Marimow.

The company also operates the Philly.com website.

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