Philadelphia Inquirer, Daily News up for auction

May. 27, 2014 9:39 AM EDT

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.