Fishbowl6thBorough: H.F. Lenfest Offered Up To $10 Million For Local Investors Bidding On Philly Papers

And the bidding heats up! Philanthropist H.F. “Gerry” Lenfest is said to have offered up to $10 million to Philadelphia investors bidding on Philadelphia Newspaper LLC’s publications.

Explained Lenfest:

Nobody asked me. I volunteered. I think the Inquirer, under its present team, has done an outstanding job especially of investigative reporting. I think it’s a real need to have the Inquirer continue under its present management.

Meanwhile, the company’s senior lenders have withdrawn their controversial provision, which would have mandated that only 50 percent of the publications’ current workforce could be hired back.