Owner: Philly newspapers will be vital legacy

Published on NewsOK Modified: June 19, 2014 at 12:12 am •  Published: June 19, 2014
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PHILADELPHIA (AP) — Philadelphia-area philanthropist Gerry Lenfest has given away most of his $1.2 billion fortune, but he thinks his best gift is yet to come.

Lenfest hopes his ownership of The Philadelphia Inquirer and Philadelphia Daily News will prove his most vital legacy.

The 84-year-old has become the latest owner of the struggling media company after the plane crash death of co-owner Lewis Katz.

Lenfest also must deal with the departures this week of three top executives at the company's Philly.com website.

He hopes to find someone new to develop a digital strategy, but first wants to name a new Inquirer publisher.

Lenfest says he never asked for the opportunity to lead a news company. But he says his other gifts to education and the arts may someday "pale in comparison."